Buy Power Grid, target price Rs 242: Motilal Oswal

Motilal Oswal has buy call on Power Grid with a target price of Rs 242. The current market price of is Rs 230.35.

Power Grid Corporation of India Ltd., incorporated in the year 1989, is a Large Cap company (having a market cap of Rs 120431.19 Crore) operating in Power sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 10359.48 Crore, up 5.38 % from last quarter Total Income of Rs 9831.00 Crore and up 8.58 % from last year same quarter Total Income of Rs 9541.13 Crore. Company reported net profit after tax of Rs 3311.62 Crore in latest quarter.

Investment Rationale
Price volume breakout on daily scale with follow up buying interest

Promoter/FII Holdings
Promoters held 51.3 per cent stake in the company as of Dec 30, 2020, while FIIs held 26.7 per cent, DIIs 15.5 per cent and public and others 6.4 per cent.