 "Power Grid gains 2% on securing transmission system project in Gujarat")
Power Grid shares rose 2.3 per cent intraday to register an intraday high of Rs 349 per share on the BSE on Tuesday.
At around 10:55 AM, shares of the power transmission company were up 1.66 per cent at Rs 346.7 per share on the BSE. In comparison, the BSE Sensex traded 0.01 per cent higher at 84,935.54 around the same time.
The stock saw northward movement after Power Grid was declared as the successful bidder to establish an inter-state transmission system.
"This is to inform that Power Grid Corporation of India Limited has been declared as the successful bidder under Tariff based competitive bidding to establish an Inter-State transmission system for “Provision of Dynamic Reactive Compensation at Khavda Pooling Station 1 (KPS1) and Khavda Pooling Station 3 (KPS3)” on build, own, operate and transfer (BOOT) basis," the company said in an exchange filing.
Under the project, Power Grid will install STATCOMs, which are electronic device that regulate voltage and improve the stability of power grids, at Khavda Pooling Station 1 (KPS1) and Khavda Pooling Station 3 (KPS3) along with associated bay extension work in Gujarat.
On September 19, the company was also declared as the successful bidder to establish an inter-state transmission system for the establishment of a new 765/400/220kV (GIS) sub-station at a suitable location near South of Olpad, 765kV & 400kV D/C Transmission Lines and associated bays extension works at other existing substation in Gujarat.
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Power Grid Q1FY25 results
In the quarter gone by, Power Grid had posted a 3.52 per cent rise in its consolidated net profit to Rs 3,723.92 crore, mainly on account of higher income. It had logged Rs 3,597.16 crore profit for the year-ago period.
During the quarter, its total income rose to Rs 11,279.59 crore, from Rs 11,257.60 crore in the April-June quarter of the preceding 2023-24 fiscal.
The company also reduced its expenses to Rs 6,643.07 crore, from Rs 6,688.51 crore in the same quarter a year ago.
In the past one year, shares of Power Grid have gained 71.2 per cent, compared to the BSE Sensex's rise of 28.7 per cent during the same period.