Power Grid Corporation of India rose 1.75% to Rs 99 at 9:56 IST on BSE after the company said it has acquired Vizag Transmission, the SPV to establish the transmission system for system strengthening in Southern Region.
The announcement was made after market hours on Friday, 30 August 2013.
Meanwhile, the S&P BSE Sensex was up 177.26 points or 0.95% at 18,796.98.
On BSE, 7,307 shares were traded in the counter as against average daily volume of 3.46 lakh shares in the past one quarter.
The stock hit a high of Rs 99.40 and a low of Rs 97.55 so far during the day. The stock had hit a 52-week high of Rs 124.45 on 5 September 2012. The stock had 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 30 August 2013, declining 7.82% compared with the Sensex's 3.77% fall. The scrip had also underperformed the market in past one quarter, sliding 14.87% as against Sensex's 7.89% fall.
The large-cap company has equity capital of Rs 4629.73 crore. Face value per share is Rs 10.
Power Grid Corporation of India (PGCIL) said that pursuant to its selection as the successful bidder under Tariff based competitive bidding, the company has acquired Vizag Transmission (VIZAG TL), the special purpose vehicle (SPV) to establish the transmission system for system strengthening in Southern Region for import of power from Eastern Region on build, own, operate and maintain (BOOM) basis on 30 August 2013 from REC Transmission Projects Company (the Bid Process Cordinator).
PGCIL had on 28 August 2013 said that its board has approved two investment proposals aggregating to Rs 209.13 crore. One investment proposal is for 'Installation of Transformer and Procurement of Spare Converter Transformer at Bhadrawati HVDC Back to Back Station' at an estimated cost of Rs 135.65 crore, with commissioning schedule of 24 months from the date of investment approval and the second is for 'Eastern Region Strengthening Scheme-VIII (ERSS-VIII)' at an estimated cost of Rs 73.48 crore, with commissioning schedule of 20 months from the date of investment approval.
PGCIL's net profit rose 19.6% to Rs 1040.34 crore on 23% growth in net sales to Rs 3553.75 crore in Q1 June 2013 over Q1 June 2012.
State-run PGCIL was incorporated in 1989 for transmission of electric power across the country. The Government of India (GoI) holds 69.42% stake in the company (as per the shareholding pattern as on 30 June 2013).
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