Power Grid shares gain over 5% on securing new transmission projects
Upstox
2 min read • Updated: April 18, 2024, 2:15 PM
Summary
In another regulatory filing, on April 17, Power Grid Corporation said that its Board has approved a proposal to raise ₹12,000 crore by issuing bonds during the financial year 2024-25 (FY25).
Power Grid Corporation of India shares gained more than 5% on Thursday, April 18, after the company announced securing 3 new transmission projects.
In a filing to the stock exchanges, the state-owned company said that it has been declared as the successful bidder via under tariff based competitive bidding (TBCB) process to establish inter-state transmission systems on a build, own, operate and transfer (BOOT) basis.
Shares of Power Grid Corporation gained as much as 5.76% to hit an intraday high of ₹289.9 apiece on the NSE. At around 2.15 pm the stock pared some of its early gains to trade at ₹280.25 apiece, up 2.19%, on the NSE.
The country’s largest electric power transmission utility informed the stock exchanges that the first project involves the transmission system for evacuating power from Rajasthan Renewable Energy Zone (REZ) Phase IV, located in the Jaisalmer-Barmer complex.
The projects also include establishing a new 765/400/220 kV pooling substation at Mandsaur, Madhya Pradesh, and the installation of a 765kV D/C transmission line. Another project pertains to associated bay extension works at other existing substations in the state.
The second project is a transmission system for the evacuation of power for a potential renewable energy zone in Gujarat’s Khavda region. The project will aim to increase the capacity of Gujarat’s current substations.
The third project entails a transmission system for evacuating power from Rajasthan REZ Phase IV, in the Jaisalmer-Barmer complex. This includes establishing a new 765 kV substation at Rishabhdeo in Rajasthan, alongside installation of 765 kV D/C transmission lines.
In another regulatory filing on April 17, Power Grid Corporation said it has approved a proposal to raise ₹12,000 crore by issuing bonds during the financial year 2024-25 in one or more tranches.