Power Grid gains after board approval for eleven investment proposals

Power Grid Corporation of India rose 2.61% to Rs 167 at 12:20 IST on BSE after the company's board of directors in a meeting held on 20 July 2016 accorded approval for eleven investment proposals aggregating Rs 2734.94 crore.

The announcement was made after market hours yesterday, 21 July 2016.

Meanwhile, the S&P BSE Sensex was up 38.34 points or 0.14% at 27,748.86.

On BSE, so far 58,210 shares were traded in the counter as against average daily volume of 3.37 lakh shares in the past one quarter. The stock hit a high of Rs 167.35 and a low of Rs 163.20 so far during the day. The stock hit a record high of Rs 171 on 11 July 2016. The stock hit a 52-week low of Rs 120.75 on 10 September 2015. The stock had outperformed the market over the past one month till 21 July 2016, gaining 4.56% compared with Sensex's 3.35% rise. The scrip had also outperformed the market in past one quarter, advancing 11.55% as against Sensex's 7.07% rise.

Power Grid Corporation of India's net profit rose 13.2% to Rs 1599.05 crore on 23.4% rise in net sales to Rs 5753.61 crore in Q4 March 2016 over Q4 March 2015.

Power Grid Corporation of India is a public sector power distribution company. As per the shareholding pattern, Government of India holds 57.9% stake in the firm as at 30 June 2016.

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