Power Grid gains on plans to establish substations at Delhi

Power Grid Corporation of India rose 0.62% to Rs 136.95 at 13:20 IST on BSE after Minister of Road Transport & Highways and Shipping Nitin Gadkari yesterday, 6 January 2015, laid the foundation of sub-station of PGCIL at Tughlakabad, Delhi.

The Ministry of Power made announcement after trading hours yesterday, 6 January 2015.

Meanwhile, the BSE Sensex was down 3.17 points, or 0.01%, to 26,984.29.

On BSE, so far 5.82 lakh shares were traded in the counter, compared with an average volume of 2.56 lakh shares in the past one quarter.

The stock hit a high of Rs 137.10 and a low of Rs 133.65 so far during the day. The stock hit a 52-week high of Rs 150.85 on 11 November 2014. The stock hit a 52-week low of Rs 93.25 on 28 February 2014.

The stock of power distribution firm had outperformed the market over the past one month till 6 January 2015, falling 0.18% compared with 5.17% fall in the Sensex. The scrip had however underperformed the market in past one quarter, rising 0.18% as against Sensex's 1.58% rise.

Minister of Road Transport & Highways and Shipping Nitin Gadkari yesterday, 6 January 2015, laid the foundation of 400/220 kV sub-station with 2000 MVA capacity of PGCIL at Tughlakabad, Delhi. In order to facilitate handling of increasing quantum of power with reliability, four nos. of 400/220kV substations along with associated 400kV transmission network under Inter State Transmission System (ISTS) are being implemented within the periphery of Delhi to import power from various sources outside Delhi. These ISTS 400/220 kV substations are planned to be established at Rajghat, Tughlakabad, Karampura and Papankalan in Delhi by PGCIL, the Ministry of Power said after trading hours yesterday, 6 January 2015.

Power Grid Corporation of India's net profit fell 3.1% to Rs 1201.27 crore on 5% rise in total income to Rs 4309.26 crore in Q2 September 2014 over Q2 September 2013.

The government of India holds 57.9% stake in the firm as at 30 September 2014.

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