Power Grid Corporation rises nearly 3 per cent on winning new order

Power Grid Corporation of India Limited made the announcement on Monday after the market hours that it has been declared as the successful bidder under tariff-based competitive bidding for establishing transmission system for “transmission system strengthening scheme for the evacuation of power from solar energy zones in Rajasthan (8.1 GW) under Phase II – Part C” on the build, own operate & maintain (BOOM) basis. 

The transmission system comprises establishing new 765/400kV substation, 765kVD/C and 400kV D/C transmission lines and associated substation extension work in Rajasthan. 

Reacting to this, the company’s stock today increased by 3.52 per cent and made an intraday high of Rs 195.65 per share at 12.15 pm. 

Besides, the company reported a net profit of Rs 3,037.62 crore in Q2FY21, an increase of 20.37 per cent. It had reported a profit of Rs 2,523.64 crore in Q2FY20. The company reported net sales of Rs 9,529.68 crore for Q2FY21, an increase of 5.29 per cent as against the net sales of Rs 9,051.29 crore for Q2FY20. 

According to BSE data, the stock traded at a P/E multiple of 9.03 and a price-to-book ratio of 1.47. The stock has a 52-week high and a 52-week low of Rs 207.40 and Rs 129.75, respectively. 

At the time of market closing on Tuesday, the stock of Power Grid Corporation of India Ltd was trading at Rs 194.55, up by 2.94 per cent on BSE.