Power Grid Corp rises after board OKs investment proposals

Power Grid Corporation of India rose 0.96% to Rs 195.15 at 11:01 IST on BSE after the company said its board approved investment proposals worth Rs 379.45 crore.

The announcement was made after market hours yesterday, 3 January 2019.

Meanwhile, the S&P BSE Sensex was down 3.88 points, or 0.01% to 35,509.83.

On the BSE, 31,000 shares were traded in the counter so far compared with average daily volumes of 72,000 shares in the past two weeks. The stock had hit a high of Rs 195.25 and a low of Rs 192.10 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 said that its board approved implementation of 500MVAr Thyristor Controlled Reactor at Kurukshetra 400kV bus at an estimated cost of Rs 267.33 crore with commissioning schedule of 30 months from the date of investment approval. The board also approved Reliable Communication Scheme under Central Sector for Western Region at an estimated cost of Rs 112.12 crore with commissioning schedule of 36 months from the date of investment approval.

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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