Power Grid Corp inches up as board approves two investment proposals

Power Grid Corporation of India rose 0.9% to Rs 95 at 9:17 IST on BSE after the company said its board of directors at a meeting held on 27 August 2013, approved two investment proposals aggregating to Rs 209.13 crore.

The announcement was made after market hours on Wednesday, 28 August 2013.

Meanwhile, the S&P BSE Sensex was up 138.04 points or 0.77% at 18,134.19.

On BSE, 5,022 shares were traded in the counter as against average daily volume of 3.30 lakh shares in the past one quarter.

The stock hit a high of Rs 96 and a low of Rs 94.50 so far during the day. The stock had hit a 52-week high of Rs 124.45 on 5 September 2012. The stock had hit a 52-week low of Rs 86.70 on 2 August 2013.

The stock had underperformed the market over the past one month till 28 August 2013, sliding 13.19% compared with the Sensex's 8.87% fall. The scrip had also underperformed the market in past one quarter, declining 16.31% as against Sensex's 10.74% fall.

The large-cap company has equity capital of Rs 4629.73 crore. Face value per share is Rs 10.

One investment proposal is for 'Installation of Transformer and Procurement of Spare Converter Transformer at Bhadrawati HVDC Back to Back Station' at an estimated cost of Rs 135.65 crore, with commissioning schedule of 24 months from the date of investment approval and the second is for 'Eastern Region Strengthening Scheme-VIII (ERSS-VIII)' at an estimated cost of Rs 73.48 crore, with commissioning schedule of 20 months from the date of investment approval.

Power Grid Corporation of India's (PGCIL) net profit rose 19.6% to Rs 1040.34 crore on 23% growth in net sales to Rs 3553.75 crore in Q1 June 2013 over Q1 June 2012.

State-run PGCIL was incorporated in 1989 for transmission of electric power across the country. The Government of India (GoI) holds 69.42% stake in the company (as per the shareholding pattern as on 30 June 2013).

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