Power Grid Shares Gain After Board Approves Investment In Three Projects
The board approved investments in a telecom network for National Transmission Asset Management Centre.
Shares of Power Grid Corporation of India Ltd. rose on Friday after its board approved investments in three projects.
The first project involves an investment proposal for the establishment of a telecom network for the National Transmission Asset Management Centre, valued at Rs 164.4 crore.
The board approved another investment in the Rs 115.1-crore expansion scheme for the western region, which is set to be commissioned by Aug. 15, 2024.
Approval was also given for a Rs 109.5-crore project for ICT Augmentation at Navsari in Gujarat, associated with the integration of additional seven GW RE power from Khavda RE Park under Phase-III. This is expected to be commissioned by Oct. 22, 2025.
Shares of Power Grid rose 3.82% intraday before paring gains to trade 1.04% higher as of 12:07 p.m. This compares to a 0.78% advance in the NSE Nifty 50. The stock rose the most since June 21.
Total traded volume so far in the day stood at 1.9 times its 30-day average. The relative strength index was at 85, implying that the stock may be overbought.
Of the 22 analysts tracking the company, 18 maintain a 'buy' rating, and four recommend a ‘sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 0.7%.
