Scaling new heights: Maharatna stock soars to fresh 52-week high, do you own it?

The President of India holds a commanding stake of 51.34 per cent in this company.

On June 30, 2023, the shares of Power Grid Corporation of India Limited zoomed 1.98 per cent, the stock hits new 52-week high of Rs 259.80 per share on BSE. The scrip witnessed massive spurt in volume by more than 2.09 times. The intraday high and low are Rs 259.80 per share and Rs 251.20 per share, respectively on BSE.

In a momentous achievement this month, the Power Grid Corporation of India Limited successfully initiated operations of "Additional System for Power Evacuation from Generation Projects Pooled at Raigarh (Tamnar) Pool." This significant milestone was reached on May 20, 2021, following the implementation of a CERC order on April 28, 2023. Furthermore, a Notification for Commercial Operation (DOCO) was duly received on June 22, 2023, marking another pivotal step forward.

The esteemed figure of the President of India holds a commanding stake of 51.34 per cent in this prestigious maharatna company, lending a significant and influential presence.

Power Grid Corporation of India Limited is India's largest electric power transmission corporation and a Maharatna CPSU. As of March 31, 2021,  Government of India owned 51.34 per cent of the company. PGCIL was founded in 1989 with the goal of constructing extra-high voltage alternating current and high-voltage direct current (HVDC) transmission lines.

The corporation transports big blocks of power from central generating agencies and surplus power locations to load centres within and between regions. It is administered by the Ministry of Power, Government of India.

Amidst notable market dynamics, this large-Cap manufacturing stock has garnered substantial attention with its remarkable performance.The stock has gained momentum in the past 1 year as it has given more than 20 per cent returns. Keep a close eye on this trending stock.