‘Power’ful surge: Shares of this multibagger company climb to a new 52-week high on a recent development; check the details here!
The shares have witnessed a robust rally, surging by more than 40 per cent in the past month alone!
In Friday’s trading session, headline indices closed significantly higher, with the Nifty 50 hitting a new all-time high. Notably, utility and power stocks saw substantial gains, with Power Finance Corporation Ltd standing out for its impressive resilience. Investors were drawn to the company, driving heavy buying activity that propelled its shares up by over 9 per cent, reaching a new 52-week high of Rs 368.40 per share on the BSE.
The stock experienced a surge in momentum following the announcement about Paradeep Transmission Limited. This Special Purpose Vehicle (SPV) company has been established as a wholly owned subsidiary of PFC Consulting Limited, which in turn is a wholly owned subsidiary of Power Finance Corporation Limited. This strategic development is part of the transmission scheme designed for the advancement of the ‘Eastern Region Expansion Scheme.’
It will undertake a range of preparatory activities for the transmission projects, such as conducting surveys and preparing reports. Additionally, the company will initiate the land acquisition process and commence the necessary steps for obtaining forest clearance, if required.
Established in 1986, Power Finance Corporation Ltd holds the prestigious status of being a Schedule-A Maharatna CPSE and stands as a prominent NBFC in the country. Its primary focus is providing financial assistance to the Indian power sector. Given the unfortunate reality that a considerable portion of our nation still lacks access to electricity, the company is poised to play an increasingly vital role in the years ahead.
The shares have witnessed a robust rally, surging by more than 40 per cent in the past month alone, thereby delivering remarkable multibagger returns of 225 per cent to investors over the period of the last year!
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Disclaimer: The article is for informational purposes only and not investment advice.