PTC India zooms 9% on nod to ONGC’s bid to acquire subsidiary

In the past three months, the stock has surged 37 percent against a 3 percent decline in the Sensex

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The PTC India stock price gained 9 percent on October 20 morning, a day after the company approved ONGC’s bid to acquire subsidiary PTC Energy for Rs 925 crore.

The company approved the acquisition subject to the adjustments in bid value as per the bid format. PTC India will now seek shareholders’ approval for the sale PTC Energy to ONGC, the company told exchanges on October 19.

PTC India set up PTC Energy in 2008 to develop an asset base, engaging in the business of generation, supply, distribution, business, transmission, and import or export of coal, conversion of coal or fuels into electricity and provide consultancy services in the energy sector.

At 11.10 am, the stock was trading at Rs 149.70 on the BSE, up 8.20 percent from the previous day.

There was a spike in volumes as well, with around six million shares changing hands on BSE and NSE in the morning session against 1-month average of 1.3 million, data shows.

In the past three months, this smallcap stock has surged 37 percent against a 3 percent decline in the Sensex.

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In the June quarter of the current financial year, PTC India reported a 14 percent year-on-year (YoY) growth in revenue at Rs 4,569 crore.

Net profit jumped 22 percent YoY to Rs 90 crore. But its
expenditure, too, went up by 14 percent in Q1FY24.

PTC India is in the business of long-term trading of power generated from large power projects as well as short-term trading. The company has power purchase agreements (PPAs) with independent producers in India and overseas.

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