Power Grid Corporation slides after large bulk deal

Power Grid Corporation of India dropped 1.17% to Rs 193.60 at 14:45 IST after a large bulk deal of 92.29 lakh shares was executed on the scrip at Rs 193 per share at 10:48 IST on BSE.

Meanwhile, the S&P BSE Sensex was up 308.87 points or 0.91% at 34,391.58.

Bulk deal boosted volume on the scrip. On the BSE, 2.07 crore shares were traded in the counter so far as against average daily volume of 11.85 lakh shares in the past one quarter. The stock had hit a high of Rs 194.45 and a low of Rs 192.40 so far during the day. The stock had hit a record high of Rs 226.40 on 8 August 2017. The stock had hit a 52-week low of Rs 188.05 on 3 March 2017.

The stock had underperformed the market over the past 30 days till 7 February 2018, sliding 2.39% compared with the Sensex's 1.05% fall. The scrip also underperformed the market over the past one quarter, falling 5.84% as against the Sensex's 2.5% rise. The scrip also underperformed the market over the past one year, declining 2.59% as against the Sensex's 20.48% rise.

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

Power Grid Corporation of India's net profit rose 5.74% to Rs 2040.83 crore on 13.23% rise in net sales to Rs 7506.95 crore in Q3 December 2017 over Q3 December 2016.

The Government of India holds 56.91% stake in the firm as at 31 December 2017.

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