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%.
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