Power Trading gets a lifter from exchange reports

DALAL STREET SPIKES

Power Trading Corporation (PTC) was in focus on Thursday, gaining 5.66 per cent after the company confirmed that it is setting up a power exchange.

The stock touched an intra-day high of Rs 53 before closing at Rs 51.25. The counter witnessed a volume of 67.06 lakh shares on the BSE. The company informed exchanges that reports to the extent of setting up a power exchange was correct.

According to reports, PTC was setting up India's first power exchange that would enable trading on a real-time basis. The platform would enable efficient operation of the business of bidding, pricing, scheduling and settlement of transactions of electricity on a real-time basis.

Early this month PTC reported strong fourth quarter results. PTC posted a 145 per cent growth in net profit to Rs 8.08 crore, on a 175 per cent rise in sales to Rs 633.97 crore.