Power Grid nudges higher after board accords investment approval

Power Grid Corporation of India rose 0.4% to Rs 201.50 at 10:00 IST on BSE after the company announced that its board of directors accorded investment approval for transmission system for ultra mega solar power park.

The announcement was made after trading hours yesterday, 9 January 2018.

Meanwhile, the S&P BSE Sensex was up 13.59 points or 0.04% at 34,454.79.

On the BSE, 9,274 shares were traded in the counter so far as against average daily volume of 4.14 lakh shares in the past one quarter. The stock had hit a high of Rs 202 and a low of Rs 200.90 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 185 on 10 January 2017.

The stock had underperformed the market over the past one month till 9 January 2018, sliding 1.08% compared with 3.59% gains in the Sensex. The scrip had also underperformed the market in past one quarter, declining 0.32% as against Sensex's 8.15% rise. The scrip had also underperformed the market in past one year, rising 7.76% as against Sensex's 28.87% 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 announced that its board of directors at a meet on 6 January 2017, accorded investment approval for transmission system for ultra mega solar power park at Tumkur (Pavagada), Karnataka - Phase-II, Part-C at an estimated cost of Rs 92.13 crore.

The project has commissioning schedule of 20 months from the date of investment approval.

PowerGrid Corporation of India's net profit rose 14.4% to Rs 2141.04 crore on 16% rise in net sales to Rs 7252.84 crore in Q2 September 2017 over Q2 September 2016.

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

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