Power Grid Corp.'s board of directors granted approval on Friday to invest Rs 673.1 crore to procure six 397 MVA converter transformers, according to an exchange filing.
At a meeting, the board approved the procurement for Talcher-Kolar HVDC link under additional capital expenditure 2024–29 tariff block. The MVA transformers are scheduled to be commissioned by September 2027, it said.
On Thursday, Power Finance Corp.'s Kurnool III PS RE Transmission Ltd., a special purpose vehicle under wholly owned subsidiary PFC Consulting Ltd., was transferred to Power Grid.
Shares of Power Grid closed 1.74% lower at Rs 290.35 apiece on the National Stock Exchange, compared to the 0.31% decline in the benchmark Nifty. The stock has risen 4.86% in the last 12 months but fallen 5.94% on a year-to-date basis.
Seventeen out of the 24 analysts tracking the company have a 'buy' rating on the stock, one recommends 'hold' and six suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 11.8%.
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