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Power Grid Corp rises after bagging inter-state transmission projects

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Power Grid Corporation of India rose 1.20% to Rs 201.85 after the company said it was declared successful bidder for two transmission projects in Madhya Pradesh and Rajasthan.

Power Grid Corporation of India said it has been declared as the successful bidder under tariff based competitive bidding to establish inter-state transmission system associated with LTA applications from Rajasthan SEZ Part-B on build, own operate and maintain (BOOM) basis. The letter of intent dated 11 September 2019 has been issued to Power Grid Corporation of India. The transmission system comprises a 765kV DIC transmission line & associated bays to be established in Rajasthan.

Further, Power Grid Corporation of India, pursuant to its selection as the successful bidder under tariff based competitive bidding, has on 11 September 2019 acquired Bhind Guna Transmission (BGTL), the project SPV to establish transmission system for intra-state transmission work associated with construction of 400 kV substation near Guna in Madhya Pradesh & intra-state transmission work associated with construction of 220 kV substation near Bhind in Madhya Pradesh, on build, own, operate and maintain (BOOM) basis from REC Transmission Projects Company (the bid process coordinator).

The transmission system comprises 400kV, 220kV and 132kV transmission lines apart from establishing a new 400/220kV and 220kV/132kV substation at Guna and Bhind respectively. The transmission system is an intra-state transmission system project in Madhya Pradesh and is to be completed by 36 months.

Shares of Power Grid Corporation of India fell 1.99% in the past three trading sessions to settle at Rs 199.45 yesterday, 12 September 2019, from its close of Rs 203.50 on 06 September 2019.

On BSE, 30,000 shares were traded in Power Grid Corporation of India counter, compared to a 2-week average of 1.52 lakh shares. The stock hit an intraday high of Rs 202.50 and an intraday low of Rs 199.

It hit a 52-week high of Rs 216.20 on 1 August 2019 and a 52-week low of Rs 173.05 on 14 February 2019.

Power Grid Corporation of India's consolidated net profit rose 9.9% to Rs 2,502.80 crore on 11.3% increase in net sales to Rs 9,179.63 crore in Q1 June 2019 compared with Q1 June 2018.

Power Grid Corporation of India is a transmission company engaged in the power transmission business with responsibility for planning, implementation, operation and maintenance of inter-state transmission system and operation of national and regional load dispatch centers. The firm's segments include transmission, telecom and consultancy.

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

First Published: Fri, September 13 2019. 11:04 IST