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Power Grid Corp gains on order wins

Capital Market 

Power Grid Corporation of India rose 1.35% to Rs 228.50 after the company said it was declared as the successful bidder to establish two projects on build, own operate and maintain (BOOM) basis.

Power Grid Corporation of India has been declared as the successful bidder under Tariff Based Competitive Bidding (TBCB) to establish following two projects on BOOM basis.

The first project involves establishment of 765kV D/C transmission line and associated substation extension works in Rajasthan and Uttar Pradesh.

The second project is for establishing a new 400/220kV substation, STATCOM, and substation extension works in Rajasthan and also 400kV DIC transmission lines which traverse in Rajasthan and Haryana.

Power Grid Corporation of India has been established by the Government of India (GoI) as the central transmission utility of India. As of 31 December 2020, the Government of India holds 51.34% in the company.

On a consolidated basis, the company reported a 26% jump in net profit to Rs 3,367.71 crore in Q3 FY21 on an 8.3% rise in net sales to Rs 10,142.48 crore in Q3 FY21 over Q3 FY20.

In the past one month, the stock has added 13.20% while the benchmark Sensex has added 5.57% during the same period.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, February 17 2021. 13:26 IST