PowerGrid gets energized after entering into loan agreement with ADB

PowerGrid Corporation of India rose 1.44% to Rs 222.60 at 14:10 IST on BSE after the company said that it has entered into loan agreement on 17 August 2017 with Asian Development Bank for an amount of $500 million.

The announcement was made during market hours today, 18 August 2017.

Meanwhile, the S&P BSE Sensex was down 309.05 points or 0.96% at 31,489.49.

On the BSE, 15,321 shares were traded in the counter so far as against average daily volume of 2.79 lakh shares in the past one quarter. The stock had hit a high of Rs 223.70 and a low of Rs 219.45 so far during the day. The stock had hit a 52-week high of Rs 226.40 on 8 August 2017. The stock had hit a 52-week low of Rs 167.40 on 9 November 2016.

The stock had outperformed the market over the past one month till 17 August 2017, rising 1.32% compared with the Sensex's 0.87% decline. The stock had also outperformed the market over the past one quarter, gaining 5.38% as against the Sensex's 3.71% rise. The scrip had also outperformed the market over the past one year, rising 25.72% as against the Sensex's 13.53% rise.

The large-cap power distribution company has equity capital of Rs 5231.59 crore. Face value per share is Rs 10.

PowerGrid Corporation of India said that the proceeds of the loan are proposed to be utilized for funding of green energy corridor, high voltage direct current (HVDC) bipole link between WR (Raigarh, Chattisgarh) and SR Pugalur, Tamil Nadu), and HVDC link between Pugalur and North Trichur (Kerala).

PowerGrid Corporation of India's net profit rose 13.9% to Rs 2052.41 crore on 17.3% rise in net sales to Rs 7181.35 crore in Q1 June 2017 over Q1 June 2016.

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

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