Power Grid Corporation of India rose 2.30% to Rs 197.75 after the company's board granted investment approval for setting up of electric vehicle charging station in Navi Mumbai at an estimated cost of Rs 14.23 crore.
The electric vehicle charging station, being set up under FAME India Scheme Phase II, has commissioning schedule of 12 months for the charging station and 24 months for other infrastructure i.e. kiosks, toilets etc. from the date of agreement to be signed between Power Grid and Navi Mumbai Municipal Transport (NMMT).
The company's board has also approved incorporation of wholly owned subsidiary to undertake telecommunications and digital technology business of Power Grid.
Power Grid Corporation of India was established by the Government of India (GoI) as the central transmission utility of India. As of 30 June 2021, the Government of India held 51.34% in the electric utility manufacturing company.
The company reported a sharp spurt in consolidated net profit to Rs 5,998 crore in Q1 FY22 as compared to Rs 2,048 crore in Q1 FY21. Consolidated net sales grew 8% to Rs 10,216 crore in Q1 FY22 from Rs 9,457 crore registered in Q1 FY21.
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