Power Grid gets investment approval for transmission system

Power Grid Corporation of India informed the bourses on Tuesday that it has received approval for investment in Transmission System for Solar Energy Zones in Rajasthan, at an estimated cost of Rs. 2,578.47 crore with commissioning schedule as December 2020. The Board of Directors of the Company at its meeting held on August 27, 2019 has approved the same.

In the June 2019 ended quarter, the company reported revenue of Rs. 8,804 crore as against Rs. 8,131 crore in corresponding quarter of previous year, representing 8.3 per cent growth. Also, net profit grew by 8.3 per cent yoy to Rs. 2,428 crore.

The company has also announced that its board has accorded approval for appointment K. S. R. Murty as chief financial officer (CFO) of the company with respect to 27 August 2019.

Power Grid Corporation is Navaratna central public sector enterprise (CPSE). It transmits about 50 per cent of the total power generated in India on its transmission network. The company enjoys monopoly in building and operating country’s high voltage transmission network.

On Wednesday, the stock of Power Grid Corporation, which opened at Rs. 207.05 as against previous close of Rs. 206.55, has touched an intra-day high of Rs. 211.20 apiece on BSE. At 12.30 hours the stock was trading at Rs. 208.6, up by a per cent.