Power Grid Corporation of India advanced 1.16% to Rs 345 after the company received a Letter of Intent (LoI) to establish an inter-state transmission system at Khavda pooling station in Gujarat, under BOOT basis.
The company has been declared as the successful bidder under Tariff based competitive bidding.The project comprises installation of STATCOMs at Khavda Pooling Station 1 (KPS1) and Khavda Pooling Station 3 (KPS3) along with associated bays extension work in the State of Gujarat.
Power Grid Corporation of India has been established by the Government of India (GoI) as the central transmission utility of India. The firm is a Maharatna' company under Ministry of Power, GoI. As of 30 June 2024, the Government of India owned a 51.34% stake in the company.
The company reported 3.52% increase in consolidated net profit to Rs 3,723.92 crore in Q1 FY25 as compared with Rs 3,597.16 crore posted in corresponding quarter last year. Revenue from operations fell marginally to Rs 11,006.18 crore during the quarter as comapred with Rs 11,048.13 crore posted in corresponding quarter last year.
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