Power Grid gains after order win

Power Grid Corporation of India rose 1.83% to Rs 192.45 after the company said it was declared as the successful bidder for a establishing transmission system in Rajasthan.

In a BSE filing made after market hours on Monday (1 February 2021), the company said that it had been declared as the successful bidder under tariff based competitive bidding to establish transmission system for Transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under Phase II - Part C on build, own, operate and maintain (BOOM) basis.

The transmission system comprises establishment of a new 765/400kV substation, 765kVD/C and 400kV D/C transmission lines and associated substation extension works in Rajasthan.

"The Letter of Intent (LoI) dated 1 February 2021 has been issued to Power Grid Corporation of India, it added.

Power Grid Corporation of India has been established by the Government of India (GoI) as the central transmission utility of India.

The company reported 20.34% rise in consolidated net profit to Rs 3,094.10 crore on a 2.36% increase in total income to Rs 9,887.48 crore in Q2 September 2020 over Q2 September 2019.

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