Rs 50,500 crore order book and DIIs increase stake: This multibagger power stock bags 7 GW renewable energy project in Gujarat!
Shares of the company gained more than 20 per cent in the last six months.
Power Grid Corporation of India Limited (PGCIL) is making significant strides in integrating renewable energy sources into the national grid. Recently, the company secured a major project to build a transmission system for the Khavda RE Park in Gujarat, enabling the evacuation of 7 GW of renewable energy. Additionally, PGCIL has won two inter-state transmission projects under the BOOT model, further expanding its green energy footprint.
PGCIL has also delivered impressive results for its shareholders. Between December 2020 and December 2023, the company's stock price soared by over 105 per cent, turning an initial investment of Rs 1 lakh into a substantial Rs 2.05 lakh. This substantial growth reflects the company's strong financial performance and commitment to sustainable development.
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The company's second quarter for FY24 was also positive, with net sales and PBIDT (Excl OI) exceeding expectations and net profit witnessing a healthy 7.25 per cent year-on-year increase.
As India's leading power transmission company, PGCIL boasts a vast network spanning over 1,74,113 km of lines and 272 substations with a combined capacity of 4,99,360 MVA. This extensive infrastructure forms the backbone of India's power transmission system, ensuring the reliable and efficient delivery of electricity across the country.
The company’s commitment to renewable energy aligns with national energy goals and positions it as a leader in the Indian power sector. The company also has Rs 50,500 crore work in hand with Rs 8,800 crore capex plan. DIIs have increased their stake in the company to 13.21 per cent in September 2023 respectively.
The stock has shown impressive growth, and investors should keep a close eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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