Power Grid gains on securing board nod for two transmission projects

Power Grid Corporation of India rose 1.15% to Rs 150 at 09:19 IST on BSE after the company's board approved two transmission projects worth over Rs 1000 crore.

Meanwhile, the S&P BSE Sensex was up 67.43 points or 0.24% at 28,230.72

On BSE, so far 9,338 shares were traded in the counter as against average daily volume of 3.98 lakh shares in the past one quarter.

The stock hit a high of Rs 150 and a low of Rs 148.80 so far during the day. The stock had hit a 52-week high of Rs 150.85 on 11 November 2014. The stock had hit a 52-week low of Rs 91.70 on 28 November 2013.

The large-cap power utility firm has an equity capital of Rs 5231.59 crore. Face value per share is Rs 10.

Power Grid Corporation of India said after market hours yesterday, 18 November 2014, that its board has approved two transmission projects worth over Rs 1000 crore. The transmission major would be implementing two projects valued at Rs 1046.71 crore, it said in a regulatory filing. The company would carry out sub-station works associated with system strengthening in Southern region for import of power from Eastern Region at an estimated cost of Rs 972.42 crore. This project is to be commissioned within 36 months from the date of investment approval. Besides, Power Grid Corporation of India would be implementing a Common Transmission Scheme associated with ISGS Projects in Nagapattinam / Cuddatore Area of Tamil Nadu - Part-A1(b) at an estimated cost of Rs 74.29 crore. This project has a completion schedule of 30 months. The two projects were approved by the board during its meeting on 11 November 2014.

Power Grid Corporation of India reported 3.1% fall in net profit 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.

Powered by Capital Market - Live News