PTC India jumped 4.88% to Rs 50.50 after the company said it has invited bids from interested investors for acquiring controlling stake in its subsidiary PTC India Financial Services (PFS).
Subsequent to delays on account of the ongoing Covid-19 pandemic, PTC India has received requisite internal approvals to reinitiate the process of exploring opportunities for monetizing the company's investment in PFS. The company hereby invites potential purchaser(s)/ investor(s) to submit their interest, the firm said in a regulatory filing after market hours yesterday, 16 July 2020. As on March 2020, PTC India held 64.99% in PFS.
PTC India's consolidated net profit dropped 35.4% to Rs 47.96 crore on a 21.1% surge in net sales to Rs 3,551.68 crore in Q4 March 2020 over Q4 March 2019.
PTC presently offers consulting services in the areas energy management solutions, distribution management solutions, transmission advisory, regulatory and open access advisory, etc. PTC India, a Government of India initiative, is the pioneer in starting a power market in India. The company has maintained its leadership position in power trading since inception. PTC has also been mandated by the Government of India to trade electricity with Bhutan, Nepal and Bangladesh.
Shares of PTC India Financial Services were locked in a 10% upper circuit at Rs 15.07 on BSE. The stock traded in the range of Rs 14.89 to Rs 15.07 so far.
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