Power Grid Corp reverses initial gains in volatile trade

Power Grid Corporation of India slipped 0.42% to Rs 143.10 at 12:09 IST after net profit rose 20.1% to Rs 1412.48 crore on 17.4% rise in total income to Rs 4909.56 crore in Q4 March 2015 over Q4 March 2014.

The result was announced on Saturday, 30 May 2015.

Meanwhile, the S&P BSE Sensex was up 69.80 points or 0.25% at 27,898.24

On BSE, so far 1.04 lakh shares were traded in the counter as against average daily volume of 4.85 lakh shares in the past one quarter.

The stock was volatile. The stock hit a high of Rs 146.70 and a low of Rs 142.60 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 121 on 30 May 2014.

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

With respect to media reports titled RINL power grid ink pact to form JV company, Power Grid Corporation of India clarified during trading hours today, 1 June 2015, that vide its letter dated 19 September 2014, the company had informed the stock exchanges that the company's board at its meeting held on 17 September 2014 had accorded approval for formation of a joint venture company between Power Grid Corporation of India and Rashtriya Ispat Nigam (RINL) on 50:50 equity participation basis for setting up manufacturing facility for transmission line towers and tower parts at Vishakhapatnam. Further to that Power Grid Corporation of India on 27 May 2015 signed the Share Holders Agreement (SHA) with RINL for the said purpose, the company added.

Power Grid Corporation of India, a navaratna Central Public Sector Enterprise, is India's largest electric power transmission utility. The Government of India held 57.9% stake in PGCIL (as per the shareholding pattern as on 31 March 2015).

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