Power Grid shares hit 52-week high as firm bags transmission project in Rajasthan

Shares of state-owned Power Grid Corporation of India Ltd (PGCIL) hit a fresh 52 week high in early deals today after the firm said it has won the tariff-based competitive bidding to set up a 20-GW inter-state transmission system project in Rajasthan. The stock is also trading ex-bonus today.  

Power Grid stock opened higher at Rs 203 in the current session on BSE.   

The stock rose 2.84% to Rs 203.95 on Tuesday. It touched a 52-week low of Rs 139.76 on September 26, 2022. Total 1.64 lakh shares of the firm changed hands amounting to a turnover of Rs 3.29 crore on BSE. Market cap of the firm rose to Rs 1.86 lakh crore.         

In terms of technicals, the relative strength index (RSI) of the stock stands at 66.1, signaling the stock is neither overbought nor oversold on technical charts. Power Grid has a one-year beta of 0.6, indicating low volatility during the period. Power Grid shares are trading higher than the 5 day, 20 day, 50 day, 100 day, 200 day moving averages.    

“...it is to inform that Power Grid Corporation of India Ltd has been declared as the successful bidder under tariff-based competitive bidding to establish an Inter-State Transmission System Project for evacuation of power from REZ in Rajasthan (20 GW) under Phase-III Part C1 on Build, Own Operate and Transfer (BOOT) basis," it said. 

Power Grid Corporation of India Limited received the Letter of Intent (LoI) on September 11, 2023. The project comprises establishment of a new 765/400kV substation along with STATCOM at Ramgarh, 765kV D/C Transmission Line and associated bays extension works at other existing substation in the state of Rajasthan. 

The board of directors declared bonus issue of shares in a ratio of 1:3. This means one bonus share will be given for every three shares held by company shareholder on the bonus share record date. The board fixed September 12, 2023 as record date for finalising eligible shareholders for issuance of bonus shares. 

Power Grid Corporation of India Limited is a power transmission company engaged in planning, implementation, operation, and maintenance of Inter-State Transmission System (ISTS), telecom and consultancy services. The company's segments include Transmission Services, Consultancy Services and Telecom Services. 

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