Power Grid Corp gains after incorporating new subsidiary

Power Grid Corporation of India rose 0.45% to Rs 133.05 at 9:29 IST on BSE after the company said it has set up a subsidiary to manufacture aluminium and aluminium alloy electricity conductors.

The announcement was made after market hours yesterday, 8 October 2015.

Meanwhile, the BSE Sensex was up 313.89 points, or 1.17%, to 27,159.70.

On BSE, so far 3,631 shares were traded in the counter, compared with an average volume of 1.30 lakh shares in the past one quarter.

The stock hit a high of Rs 133.30 and a low of Rs 133 so far during the day. The stock hit a 52-week high of Rs 159 on 28 February 2015. The stock hit a 52-week low of Rs 120.75 on 7 September 2015.

The stock had underperformed the market over the past one month till 8 October 2015, rising 5.54% compared with 6.04% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 4.09% as against Sensex's 3.04% decline.

The large-cap company has an equity capital of Rs 5231.59 crore. Face value per share is Rs 10.

Power Grid Corporation of India (PGCIL) announced that it has incorporated a wholly-owned subsidiary, Grid Conductors, on 15 September 2015 at an estimated cost of Rs 127.35 crore. The subsidiary will manufacture aluminium and aluminium alloy electricity conductors.

PGCIL's net profit rose 20.23% to Rs 1366.51 crore on 19.8% growth in net sales to Rs 4717.01 crore in Q1 June 2015 over Q1 June 2014.

PGCIL, a navaratna Central Public Sector Enterprise, is India's largest electric power transmission utility. Government of India holds 57.9% stake in PGCIL (as per the shareholding pattern as on 30 June 2015).

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