Power Grid gains ~1% after board approves investment proposal

Power Grid's stock gained 1% on Friday after its board approved a proposal for investment in two projects aggregating to Rs379.45cr.

Jan 04, 2019 08:01 IST India Infoline News Service

Power Grid Corporation Of India
Shares of Power Grid Corporation of India rose 1% on Friday after its board approved a proposal for investments in two projects aggregating to Rs379.45cr.

Accordingly, the company’s board granted approval for the implementation of 500MVAr Thyristor Controlled Reactor at Kurukshetra 400kV bus at an estimated cost of Rs267.33cr with commissioning a schedule of 30 months from the date of investment approval, the company said in a press note to the exchanges on Friday.

Further, "approval has also been given for reliable communication scheme under the Central sector for the Western Region at an estimated cost of Rs112.12cr with commissioning a schedule of 36 months from the date of investment approval," the company added.

Power Grid Corporation of India Ltd's share price is currently trading at Rs194.45, up by Rs1.15 or 0.59%, from its previous close of Rs193.30 on the BSE.

The scrip opened at Rs193.05 and has touched a high and low of Rs195.65 and Rs192.10, respectively. So far, 15,61,192 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs1,01,126.63cr.

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