Power Grid climbs over 2 per cent on acquiring Sikar New Transmission & Fatehgarh Bhadla Transco
Power Grid Corporation of India Limited made the announcement during the weekend that it has acquired Sikar New Transmission Limited (SNTL), the project SPV to establish a transmission system in Rajasthan.
The project comprises a new 765/400kV substation at Sikar-II, 765kV D/C transmission line, 400kV D/C transmission line, and associated substation. The cost of acquisition is Rs 18.54 crore while the project is to be completed in 18 months.
The company also acquired Fatehgarh Bhadla Transco Limited (FBTL), the project SPV to establish a transmission system in Rajasthan. It comprises the establishment of a 765kV D/C line and associated bays extension works. The cost of acquisition is Rs 13.04 crore while the project is to be completed in 18 months.
Reacting to this, the company’s stock today increased by 2.79 per cent and made an intraday high of Rs 232.45 per share.
Power Grid Corporation is a central public sector enterprise (CPSE). It transmits about 50 per cent of the total power generated in India on its transmission network.
According to BSE data, the stock traded at a P/E multiple of 10.20 and a price-to-book ratio of 1.75. The stock has a 52-week high and a 52-week low of Rs 239.80 and Rs 154.65, respectively.
On Monday at 10.35 am, the stock of the company was trading at Rs 231.60, up by 2.41 per cent on BSE.