Power Grid Corporation gains after board accords investment approval

Power Grid Corporation of India rose 0.51% to Rs 176.45 at 12:45 IST on BSE after the company said that its board of directors accorded investment approval worth Rs 562.25 crore.

The announcement was made after market hours on Friday, 16 September 2016.

Meanwhile, the S&P BSE Sensex was up 63.02 points or 63.02 at 28,671.67.

On BSE, so far 76,938 shares were traded in the counter as against average daily volume of 4.03 lakh shares in the past one quarter. The stock was volatile. At the day's high of Rs 176.70, so far during the day, the stock rose 0.65%. At the day's low of Rs 174.25, so far during the day, the stock fell 0.74%. The stock hit a record high of Rs 187.70 on 6 September 2016. The stock hit a 52-week low of Rs 124.80 on 28 September 2015. The stock had underperformed the market over the past one month till 16 September 2016, falling 1.13% compared with Sensex's 1.9% rise. The scrip had, however, outperformed the market in past one quarter, gaining 13.51% as against Sensex's 7.82% rise.

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

Power Grid Corporation of India said that the company's board of directors at a meeting held on 16 September 2016 accorded investment approval for "System Strengthening in Southern Region - XXI" at an estimated cost of Rs 562.25 crore, with commissioning schedule of 30 months progressively from the date of investment approval.

PowerGrid Corporation of India's net profit rose 32.9% to Rs 1801.77 crore on 29.4% rise in net sales to Rs 6069.06 crore in Q1 June 2016 over Q1 June 2015.

Power Grid Corporation of India is a state run electric power transmission utility company. The Government of India holds 57.9% stake in the firm as at 30 June 2016.

Powered by Capital Market - Live News