Maharatna stock: Power Grid Corporation bags new project; shares up 3%
Source: Business Standard
Shares of state-owned power generation Maharatna company, Power Grid Corporation of India jumped 2.73 per cent to the day’s high of Rs 338 on the BSE during the intra-day deals on Thursday.
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“…has been declared as the successful bidder under Tariff based competitive bidding to establish Inter-State transmission system for the project namely ‘Transmission system for evacuation of power from Rajasthan REZ Ph -IV (Part-2: 5.5 GW) (Jaisalmer/Barmer Complex): Part F (By clubbing Part F1 & F2)’ on build, own, operate and transfer (BOOT) basis. The Letter of Intent (LoI) has been received by Power Grid Corporation of India on October 9, 2024,” Power Grid Corporation of India said in a regulatory filing on the BSE.
Power Grid Corporation of India is a Schedule ‘A’, ‘Maharatna’ public sector enterprise of the Government of India, incorporated on October 23, 1989. Power Grid Corporation is a listed Company, with 51.34 per cent holding of the Government of India, and the balance is held by Institutional Investors and the public. The company is engaged in the implementation, operation, and maintenance of the Inter-State Transmission System (ISTS), Telecom, and Consultancy Services.
As of October 10, 2024, Power Grid Corporation boasts a market capitalisation of Rs 3,10,686.67 crore on the BSE. The company is a constituent of the BSE Sensex and NSE Nifty50.
Historically, shares of Power Grid Corporation have exhibited mixed performance. The Maharatna stock has dropped 0.25 per cent in the last one month, and 3.68 per cent in the last three months, while surged 18.02 per cent in the last six months, and 40.21 per cent year-to-date.
Power Grid Corporation shares have yielded a return of 68.40 per cent in the last one year, and 112.72 per cent in the last two years.
The Maharatna stock has a 52-week range of Rs 366.20 – 196.20 on the BSE.
Power Grid Corporation is also known for offering regular dividend rewards to shareholders. The BSE data reflects that the Maharatna stock has paid an Interim Dividend of Rs 4.50, and a Final Dividend of Rs 2.75 in 2024.
At around 2:38 PM on Thursday, Power Grid Corporation of India’s shares were quoted trading at Rs 333.00, up 1 per cent from its previous close of Rs 329.75 on the BSE.
Power Grid shares are currently 9 per cent shy of their 52-week high of Rs 366.20 scaled on September 25, 2024.
Meanwhile, the benchmark equity indices are trading higher on Thursday. The BSE Sensex was quoted trading 207.13 points or 0.25 per cent higher at 81,674.23 levels, and NSE Nifty50 at 25,010.15, up 28.20 points or 0.11 per cent.
First Published: Oct 10 2024 | 2:56 PM IST
