Shares of this Public Sector Undertaking company are trading in the green after the Indian Government approved a Green Energy Corridor project worth more than Rs 20,000 crores.
With a market capitalization of Rs 1.91 lakh crores, the stocks of Power Grid Corporation of India Limited opened their trading hour on Thursday at Rs 204 and currently trades at Rs 206, a flat movement as compared to the previous close of Rs 207 apiece.
According to various reports, the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Mr. Narendra Modi, has approved a “Green Energy Corridor” project for 13 gigawatts of renewable energy in Ladakh.
The above-mentioned project is targeted to be completed by FY2029-2030 with an estimated cost of Rs 20,773.70 crores. Moreover, it involves central financial assistance equivalent to 40 percent of the project cost.
The PSU company will be the implementing agency for the project and will be deploying a current system and current state-of-the-art technology to complete the project.
Coming onto the financial performance, the company, during the recent quarters, has faced a dip in numbers as far as the operating revenues and after-tax profits are concerned.
The operating revenues went down from Rs 12,263.72 crores during Q4FY22-23 to Rs 11,048.13 crores during Q1FY23-24, and, the after-tax profits, keeping the timeframe the same, reduced from Rs 4,399.35 crores to Rs 3,947.95 crores.
The latest shareholding pattern data of the company portrays the Promoters holding a 51.34 percent stake, and the Foreign Institutional Investors (FIIs) holding a considerable stake of 32 percent in the company.
Headquartered in Gurugram, Power Grid Corporation of India Limited is a state-owned electric utility company based in India. The company engages in the process of transmission of bulk power across different states in the country.
Written by Amit Madnani
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
