PFC tumbles 2% on transfer of subsidiaries to Power Grid

PFC transferred subsidiaries Ananthpuram Kurnool Transmission Limited and Bhadla III transmission Limited to Power Grid Corporation of India on September 27

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Power Finance Corporation was trading over 2 percent lower on September 28 in the morning trade, a day after it transferred subsidiaries, Ananthpuram Kurnool Transmission Limited and Bhadla III Transmission Limited, to Power Grid Corporation of India.

Power Grid stock, however, gained 0.8 percent.

According to a regulatory filing, PFC transferred Ananthpuram Kurnool Transmission, set up established for the development of transmission scheme associated with solar energy zone in Ananthpuram (Ananthapur) (2500 MW) and Kurnool (1000 MW), Andhra Pradesh, and Bhadla III Transmission Limited, established for developing the transmission system for evacuation of power from REZ in Rajasthan (20 GW) under Phase III-Part B1, to Power Grid Corporation of India.

Also read: PFC, REC stocks jump upto 7%; capacity expansion, clean energy push in play; will the rally sustain?

On September 27, PFC gained almost 6 percent after it announced an MoU with PNB for developing infrastructure and power projects.

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For the quarter ended June 2023, PFC, a state-owned NBFC, reported a 30.6 percent year-on-year increase in net profit to Rs 5,982.14 crore.

Net NPA also dropped to its lowest level at 1 percent from 1.57 percent in Q1 FY23. Gross NPAs declined by 148 basis points from 5.02 percent in Q1 FY23.

By 11.11 am, the stock was trading at Rs 248 on the National Stock Exchange, down 0.66 percent from the previous close.

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