Power Grid was declared the successful bidder for an Inter-State transmission system in Gujarat, sending shares higher on Tuesday. 

What Happened: The company won the bid to develop transmission system for at two Khavda pooling stations on a build, own, operate and transfer basis, the company said in a regulatory filing. 

The project also involves developing static synchronous compensator (STATCOM) at the pooling stations. 

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The new project is the latest for Power Grid, which has won multiple orders recently. Previously the company won a letter of intent to establish new 765/400/220 kilovolt substation at Kurawar and for constructing a 765-kilovolt and 400-kilovolt double-circuit transmission line in Madhya Pradesh. 

Global brokerage Jefferies maintained a "buy" call on the stock and gave it target price of ₹390. 

Power Grid had won another project in Gujarat in early September. The company emerged as a successful bidder for developing an Inter-State transmission system for the "augmentation of transformation capacity at Jam Khambhaliya PS (GIS)". 

Price Action: Shares of Power Grid rose 0.70% to ₹343.55 on Tuesday morning.

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