Power Grid Corporation of India rose 0.47% to Rs 95.55 at 9:49 IST on BSE after the central bank raised foreign institutional investors' investment limit in the company to 30% of its paid up capital.
Meanwhile, the BSE Sensex was down 184.31 points, or 0.91%, to 20,024.95.
On BSE, so far 31,000 shares were traded in the counter, compared with an average volume of 26.27 lakh shares in the past one quarter.
The stock hit a high of Rs 96 and a low of Rs 95 so far during the day. The stock hit a 52-week high of Rs 116.70 on 17 May 2013. The stock hit a 52-week low of Rs 86.70 on 2 August 2013.
The stock had underperformed the market over the past one month till 3 February 2014, sliding 5.23% compared with the Sensex's 3.08% fall. The scrip had, however, outperformed the market in past one quarter, falling 3.40% as against Sensex's 4.85% decline.
The large-cap company has an equity capital of Rs 4629.73 crore. Face value per share is Rs 10.
Foreign Institutional Investors (FIIs), through primary market and stock exchanges, can now purchase up to 30% of the paid up capital of Power Grid Corporation of India (PGCIL) under the portfolio investment scheme (PIS), the Reserve Bank of India (RBI) said in a notification on Monday, 3 February 2014.
PGCIL has passed resolutions at the board of directors' level and a special resolution by the shareholders, agreeing to enhance the limit for the purchase of its equity shares and convertible debentures by FIIs, RBI said.
As at 31 December 2013, FIIs held 25.37% stake in PGCIL.
PGCIL's net profit rose 10.1% to Rs 1239.20 crore on 29% growth in net sales to Rs 3981.64 crore in Q2 September 2013 over Q2 September 2012. The company unveils Q3 results on 5 February 2014.
PGCIL, a navaratna public sector undertaking under the ministry of power, is the country's central transmission utility (CTU).
Powered by Capital Market - Live News
