PGCIL settles with gains of 4%, m-cap improves by Rs 3,871 cr

Shares of Power Grid Corporation India (PGCIL) today surged to its 52-week high level on the bourses and settled for the day with gains of over 4 per cent, adding Rs 3,871 crore to its market capitalisation.
PGCIL has announced plans to raise up to Rs 4,000 crore in its third round of fund raising through domestic bonds by September to meet its working capital expenditure.
Moreover, the Navratna company reported 33 per cent growth in standalone net profit at Rs 1,801.77 crore for the quarter ended June 30 helped by higher income from operations.
Besides, brokerage firms have also reportedly noted that the project execution of the company is good and earnings outlook also remains robust.

Reacting to these developments, shares of the company opened on a bullish note and surged 5.12 per cent to touch an intra-day high of Rs 183.50 on BSE. At the end of today's trade, the stock was trading at Rs 181.95, up 4.24 per cent over its previous closing price.
Following the uptrend, the market capitalisation of the company improved by Rs 3,871.37 to Rs 95,188.77 crore.
Similar movement was seen on NSE as well where the stock opened at Rs 177, then surged to its 52-week high level of Rs 183.20 and finally ended the day at Rs 182.

Meanwhile, in the first four months (April-July) of this fiscal, PGCIL has added 2,374 ckm of transmission lines and six substations with aggregate transformation capacity of 10,815 MVA.