Power Grid Corp gains as foreign brokerage reportedly maintains buy rating

Power Grid Corporation of India rose 1.29% to Rs 140.80 at 13:05 IST on BSE on reports that a foreign brokerage has maintained its buy rating on the stock, citing attractive valuations.

The foreign brokerage reportedly said that Power Grid Corporation of India has delivered on year ended 31 March 2016 (FY 2016) capitalization and capital expenditure plan. The brokerage reportedly expects over 17% compound annual growth rate (CAGR) in earnings for the company over FY 2015-2018.

Meanwhile, the BSE Sensex was up 25.46 points, or 0.1%, to 24,909.05

On BSE, so far 1.01 lakh shares were traded in the counter, compared with an average volume of 3.27 lakh shares in the past one quarter. The stock hit a high of Rs 141.25 and a low of Rs 139.60 so far during the day. The stock hit a 52-week high of Rs 155.70 on 13 April 2015. The stock hit a 52-week low of Rs 120.75 on 10 September 2015. The stock had underperformed the market over the past one month till 5 April 2016, rising 0.29% compared with Sensex's 0.96% rise. The scrip, however underperformed the market in past one quarter, falling 0.07% as against Sensex's 2.72% fall.

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 on 4 April 2016 announced that its board of directors at its meeting held on 2 April 2016 has approved eight proposals involving an outlay of Rs 3322.60 crore.

Power Grid Corporation of India's net profit rose 31.3% to Rs 1613.12 crore on 22.7% rise in total income to Rs 5504.83 crore in Q3 December 2015 over Q3 December 2014.

Power Grid Corporation of India is an electric power transmission utility company. As per the shareholding pattern, the Government of India holds 57.9% stake in the firm as at 31 December 2015.

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