Power Grid Corp gains after bagging project under tariff-based competitive bidding

Power Grid Corporation of India rose 0.71% to Rs 184.70 at 9:28 IST on BSE after the company said it was declared as the successful bidder under tariff based competitive bidding.

The announcement was made after market hours yesterday, 5 December 2018.

Meanwhile, the S&P BSE Sensex was down 282.05 points, or 0.79% to 35,602.36.

On the BSE, 20,000 shares were traded in the counter so far compared with average daily volumes of 7.34 lakh shares in the past two weeks. The stock had hit a high of Rs 185.60 and a low of Rs 183.60 so far during the day. The stock hit a 52-week high of Rs 217 on 24 May 2018. The stock hit a 52-week low of Rs 174.25 on 26 July 2018.

Power Grid Corporation of India has been declared as the successful bidder under tariff based competitive bidding to establish transmission system for evacuation of power from 2 x 660 MW Jawaharpur Thermal Power Project and construction of 400 kV substation at Firozabad along with associated transmission lines' on build, own operate and maintain (BOOM) basis. The project is an intra-state transmission system of Uttar Pradesh and comprises 765kV, 400kV, 220kV and 132kV lines apart from establishing a new 400/220/132 kV Substation at Firozabad, Uttar Pradesh. The Letter of Intent (LoI) has been received on 5 December 2018. This is the first intra state transmission system project won by Power Grid Corporation of India under tariff based competitive bidding.

Power Grid Corporation of India net profit rose 7.9% to Rs 2309.49 crore on 14.2% increase in net sales to Rs 8283.03 crore in Q2 September 2018 over Q2 September 2017.

Power Grid Corporation of India is a state-owned electric utility company headquartered in Gurugram, India. The company transmits about 50% of the total power generated in India on its transmission network.

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