Page 2 - Power Grid Corporation Of India

Parminder Chopra takes over as first full-time women PFC Chairman, MD

State-owned Power Finance Corporation (PFC) on Wednesday said Parminder Chopra has taken over as its first full-time women Chairman and Managing Director. "Parminder Chopra has been appointed as Chairman and Managing Director (CMD) of PFC by the Government of India from 14th August 2023. Previously, she was holding the additional charge of Chairman and Managing Director (CMD) from June 1, 2023, and was Director (Finance), PFC, since July 1, 2020," a company statement said. With this, the company said, Chopra becomes the first woman to lead India's largest non-banking finance company PFC. During her term as Director (Finance), she spearheaded the Finance Division, leading to the highest net profit, highest net worth and lowest NPA levels. Such robust financial performance has also facilitated PFC getting the highest status of 'Maharatna'. She also played a key role in the successful implementation of the Rs 1.12 lakh crore Liquidity Infusion Scheme (LIS) for the power distribution .

Street positive on long-term capex plans of Power Grid Corporation

The Q1FY24 saw adjusted net profit decline 5 per cent YoY and 17 per cent QoQ to Rs 3,600 crore

Power Grid stock may be fully pricing in near-term growth prospects

The company is a steady performer with good dividend yield (payout was Rs 14.75 in FY23, same as FY22)

Power Grid Corporation Q4 results: Net profit rises 4% to Rs 4,320 crore

The company's total income in the quarter under review increased to Rs 12,557.44 crore from Rs 11,067.94 crore a year ago

Power Grid Corporation board okays raising Rs 600 crore via bonds

State-owned Power Grid Corporation's board has approved rasing up to Rs 600 crore through bonds to be issued on private placement basis. "Committee of directors for bonds, in their meeting held today i.e. on 24th March, 2023, have approved the raising of unsecured, non-convertible, non-cumulative, redeemable, taxable POWERGRID Bonds-LXXII (72nd) issue 2022-23 on private placement up to Rs 600 crore by securitisation of cash flows of 10 years i.e. till FY 2032-33 of its operational SPV (special purpose vehicle) viz. 'POWERGRID NM Transmission Ltd' (PNMTL)," a BSE filing stated. It showed that the total issue size is Rs 600 crore, which includes base issue size of Rs 100 crore and green shoe option of Rs 500 crore. The bonds will be listed at BSE and/or NSE. Bonds are redeemable at par in 40 equal instalments and interest payment on quarterly basis, it stated.

REC transfers 6 SPVs to Power Grid Corporation for transmission projects

REC Ltd on Wednesday said its wholly-owned subsidiary REC Power Development and Consultancy Ltd (RECPDCL) has handed over six special purpose vehicles to Power Grid Corporation of India Ltd. The Special Purpose Vehicles (SPVs) are mostly for construction of transmission projects in Gujarat, REC Ltd said in a statement on Wednesday. "RECPDCL has handed over 6 projects' specific SPVs mostly formed for the construction of transmission projects in Khavda region through tariff-based-competitive bidding process on March 21, 2023. Power Grid Corporation of India Limited (PGCIL) was the successful bidder for all of the 6 projects of the Ministry of Power," it said. RECPDCL was the bid process coordinator for tariff-based competitive bidding in transmission line projects. "We are putting in all possible efforts to ensure the growth of new renewable power reforms to cater to the electricity capacity of the country. Tariff-based competitive bidding for the development of transmission systems

Power Grid Corporation board approves raising up to Rs 900 cr via bonds

State-owned Power Grid Corporation of India on Monday said that its board has approved raising up to Rs 900 crore through issuance of non-convertible bonds on private placement basis. "Committee of Directors for Bonds, in their meeting held today i.e. on 9th March, 2023, have approved the raising of unsecured, non-convertible, non-cumulative, redeemable, taxable POWERGRID Bonds-LXXI (71 st) issue 2022-23 on private placement up to Rs 900 crore by securitization of cash flows of 10 years i.e, till FY 2032-33 of its operational SPV viz., 'POWERGRID Mithilanchal Transmission Ltd (PMTL)'," a BSE filing said. The base issue size will be Rs 300 crore with green shoe option of Rs 600 crore. The issue will be listed on NSE and/or BSE Ltd. In a separate filing, the company said, "Power Grid Corporation of India Ltd has been declared as successful bidder under tariff based competitive bidding to establish inter-state transmission system for Transmission System Strengthening Scheme for ...

Power Grid Corporation board approves investments of about Rs 4,071 crore

State-owned Power Grid Corporation's board has approved investments of nearly Rs 4,071 crore for two transmission projects in the country. "Board of Directors of POWERGRID in their meeting held on 6th March 2023, have accorded investment approvals," a BSE filing said. The board has approved the transmission system for Kurnool Wind Energy Zone/ Solar Energy Zone (AP) -- Part-A & Part-B -- at an estimated cost of Rs 3,546.94 crore, scheduled to be commissioned by November 2024. It has also approved the Eastern Region Expansion Scheme-XXIX (ERES-XXIX) at an estimated cost of Rs 524.04 crore, scheduled to be commissioned by November 2025.

Edelweiss Energy InvIT raises Rs 2,300 crore; to invest in energy assets

AnZen Trust has acquired two operating inter-state transmission assets, located in the states of Punjab, Haryana and Bihar

Power Grid Corporation net profit up over 8% in Q2; declares 50% dividend

State-owned Power Grid Corporation on Saturday posted over eight per cent rise in consolidated net profit at Rs 3,650.16 crore in the September quarter of FY23, mainly on the back of higher revenues. The consolidated net profit of the company was Rs 3,376.38 crore in the quarter ended on September 30, 2021, a BSE filing showed. The total income of the company rose to Rs 11,349.44 crore in the quarter from Rs 10,514.74 crore in the same period a year ago. Board of directors, in its meeting held on Saturday, approved the payment of an interim dividend of Rs 5 per equity share of Rs 10 each (@50 per cent of the paid-up equity share capital) for the financial year 2022-23.

LIC sells over 2% stake in Power Grid for Rs 3,079 crore in 5 months

LIC has sold over 2 per cent of its holding in Power Grid Corporation over the past five months for Rs 3,079.43 crore, the insurer said on Wednesday. There is a decrease of 2.003 per cent in holding during the period from May 18, 2022 to October 11, 2022. As per regulatory requirement by Sebi, listed companies have to disclose about change in shareholding of 2 per cent and above. "Corporation's shareholding in Power Grid Corporation has diluted from 36,99,02,170 to 23,01,82,028 equity shares decreasing its shareholding from 5.303 per cent to 3.3 per cent of the paid-up capital of the said company," LIC said in a regulatory filing. The shares were sold at an average price of Rs 220.40 per share during the period through an open market sale in an ordinary course of transaction, LIC said. State-owned Power Grid is engaged in electric power transmission, telecom and consultancy services. Shares of the country's largest state-owned insurer, LIC, closed at Rs 615.40 apiece on BSE, down

Valuations factor in multiple positives for Power Grid Corporation

Brokerages are positive given growth prospects, falling debt levels and high dividends

PGCIL's Q1 net profit falls 36% to Rs 3,801 cr; total income rises 7%

The PAT (Profit After Tax) of Rs 5,998 crore included an exceptional item of Rs 3,014 crore (Rs 2,657 crore net of tax) on account of monetisation of assets.

PGCIL to seek shareholders' nod to raise up to Rs 6,000 cr via bonds

State-owned Power Grid Corporation of India (PGCIL) will seek shareholders' approval on August 29, to raise up to Rs 6,000 crore through the issuance of bonds during the financial year 2023-24

CBI books Tata Projects, arrests 5 company executives in bribery probe

Executive director of Power Grid also held for 'granting favours' in NE projects

Power Grid board approves proposals to raise up to Rs 11,000 crore

The board of state-owned Power Grid Corporation of India Ltd (PGCIL) on Wednesday approved two proposals to raise up to Rs 11,000 crore through the issuance of bonds and term loans. The proposals to raise Rs 11,000 crore have been approved in a meeting of the board of directors on Wednesday, July 6, 2022, a BSE filing said. As per the filing, the board approved a proposal to raise funds up to Rs 6,000 crore from the domestic market through the issue of secured/unsecured, non-convertible, non-cumulative/cumulative, redeemable, taxable/tax-free debentures/bonds under private placement during the financial year 2023-24 in up to twenty tranches/offers. The board also approved another proposal for sanction of a rupee term loan of up to Rs 5,000 crore from commercial banks to meet capital expenditure requirements.

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Nepal, India agree to build new projects by investing in energy sector

Nepal and India have agreed to build new projects by injecting joint investment in the hydropower sector.

Fitch affirms Power Grid Corporation's 'BBB-' rating, outlook 'negative'

The Fitch ratings on Power Grid Corporation of India Ltd are constrained by the credit profile of the India sovereign (BBB-/negative), which owns 51.34 per cent of the company

State-run PGCIL net dips 2.2% to Rs 3,292 crore in December quarter

State-run Power Grid Corporation of India Ltd's consolidated net profit declined by 2.2 per cent to Rs 3,292.97 crore in the October-December quarter compared to the year-ago period.