Shares of Power Grid Corporation of India were trading slightly higher on Tuesday after the firm acquired two power projects.
What Happened: Power Grid has acquired two power transmission projects in Rajasthan. Both were acquired on a build, own, operate and transfer basis after Power Grid emerged as the successful bidder under tariff-based competitive bidding, the company said in a statement.
See Also: Zomato Shares Dip Amid Reports Of Stake Sale By Antfin Singapore
The Rajasthan IV E power project involves setting up a new 765-kilovolt substation in Rishabhdeo, Rajasthan and constructing 765-kilovolt direct current transmission lines.
It also includes extending bays at existing substations in Rajasthan and Madhya Pradesh. The entity was acquired for a total of around ₹18.54 crore, which includes 50,000 equity shares valued at ₹10 each.
The Rajasthan IV C power project involves setting up a new 765/400/220 kilovolt pooling substation in Mandsaur, constructing a 765 kilovolt direct current transmission line and extending bays at existing substations in Madhya Pradesh. The entity was acquired for about ₹18.52 crore, including 50,000 equity shares valued at ₹10 each.
Price Action: Power Grid Corporation of India was trading 0.41% higher at ₹341.70 on Tuesday morning.
Read Next: Brokerages Give HCLTech’s New CEO A Thumbs Up, Shares Tick Up
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.