Power Grid stock gains on winning bid for inter-state transmission system

This is the second such successful bid of the company announced since the star of this month under the tariff based competitive bidding.

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Shares of Power Grid Corporation traded up in the morning trade on September 12 after the state-owned company announced that it has been declared the successful bidder under tariff-based competitive bidding for an inter-state transmission system project in Rajasthan.

“The project comprises establishment of a new 765/400 kilovolt substation along with a static synchronous compensator at Ramgarh, a 765 kilovolt direct current transmission line and associated bays extension works at other existing substations in the state of Rajasthan,” the company said in a regulatory filing at the exchanges.

At 9.30am on the NSE, the Power Grid Corporation stock was quoting at Rs 199.15, up Rs 0.80, or 0.40 percent.

The stock has a trailing P/E of 12.13x, making it the second cheapest stock in absolute terms among its peers.

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In the April to June quarter, the company reported a 1.31 percent year-on-year (YoY) rise in its revenue from operations at Rs 11,048 crore. The company’s net profit for the quarter declined 5.36 percent on a yearly basis to Rs 3,597 crore. The operating profit margins shrunk by 100 basis points YoY to 84 percent.

Power Grid Corporation is engaged in the business of electricity transmission and allied services. The company operates a vast network of high-voltage transmission lines and substations across India.

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