Investors give thumbs-down to Power Grid's overseas plans

Power Grid ended at Rs 113, lower by Rs 1 or 1.2%, on the BSE.

The stock had opened at Rs 114 and touched a high of Rs 117 and a low of Rs 112 during the day.

The counter saw trades of 9.01 lakh shares as against the two-week average of 6.41 lakh shares.

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(Updated at 0934am)

Power Grid Corporation has moved up in early trades on news of overseas venture.

The stock opened at Rs 114 and touched a low of Rs 113. It gained 3.5% from teh low to touch a high of Rs 117. The stock is now trading with a gain of 1.2% at Rs 116.

 

Around 68,000 shares have been traded on the counter in BSE so far.

The company is set to float its overseas subsidiary by early next year. The overseas subsidiary would operate in the lines of ONGC Videsh.

The company has plans to launch a Follow-on Public Offer (FPO) in the second quarter of the coming financial year, to raise around Rs 3,000 crore, which would include a partial stake sale by the government.