Power Grid electrifies after winning contract

Power Grid Corporation of India rose 1.15% to Rs 207.25 at 10:30 IST on BSE after the company said that it won bid to establish eastern region strengthening scheme.

The announcement was made after trading hours yesterday, 17 October 2017.

Meanwhile, the S&P BSE Sensex was down 100.91 points or 0.31% at 32,508.25.

On the BSE, 42,990 shares were traded in the counter so far as against average daily volume of 2.36 lakh shares in the past one quarter. The stock had hit a high of Rs 207.75 and a low of Rs 206 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 167.40 on 9 November 2016.

The stock had underperformed the market over the past one month till 17 October 2017, falling 4.01% compared with 1.04% gains in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 5.4% as against Sensex's 1.67% rise. The scrip had also underperformed the market in past one year, gaining 16.59% as against Sensex's 18.45% rise.

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

Power Grid Corporation of India (PGCIL) said that it has been declared as the successful bidder under tariff-based competitive bidding to establish 'Eastern Region Strengthening Scheme (ERSS-XXI)' on build, own operate and maintain (BOOM) basis. The letter of intent (Lol) has been received on 17 October 2017, company added.

The transmission system traverses in Bihar and includes establishment of three new 400 kilovolt (kV) substations and associated 400 kV transmission lines.

Power Grid Corporation of India's net profit rose 13.9% to Rs 2052.41 crore on 17.3% rise in net sales to Rs 7181.35 crore in Q1 June 2017 over Q1 June 2016.

The Government of India holds 57.9% stake in the firm as at 30 September 2017.

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