Shares of Power Grid Corp. hit an all-time high on Tuesday after it emerged as the successful bidder under the tariff-based competitive bidding to establish an interstate transmission system project.
The company received a letter of intent on Monday for the 20-gigawatt interstate transmission project in Rajasthan on a build, own, operate and transfer basis, according to an exchange filing.
Shares of Power Grid rose as much as 2.96% to hit a record high of Rs 204.25 during the day. The stock is trading 0.73% lower at Rs 196.90 per share, in comparison to a 0.07% advance in the benchmark NSE Nifty 50 as of 10:07 a.m.
The stock has risen 22.04% on a year-to-date basis. The total traded volume so far in the day stood at 5.7 times its 30-day average. The relative strength index was at 61.25.
Of the 22 analysts tracking Power Grid, 14 maintain a 'buy' rating on the stock, five suggest 'hold' and three recommend 'sell'. The average of 12-month analyst price targets implies a potential upside of 1%.
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