Power Grid Shares In Black After Winning Interstate Transmission System At Gujarat
Take Stock Of The Week Ahead

Get all the latest Share Market trends and news to set you up for the week ahead.

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. 

See Also: Dean Of Valuation Aswath Damodaran Thinks Zomato May Still Be Overvalued, Fair Value At Around…

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.

Read Next: Coal India Forges Alliance With RRVUNL For Renewable Energy Endeavours

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.

Comments
Loading...