Power Grid Corporation of India share price rose 3 percent intraday on August 12 after the company approved proposal to infuse fresh equity of up to Rs 425 crore in the JV company.
".... board of directors in its 394th meeting approved proposal to infuse fresh equity of up to Rs 425 crore in Energy Efficiency Services Limited (EESL), a Joint Venture Company of Power Grid, NTPC, PFC and REC," as per the press release.
On August 10, the company posted a nearly three-fold jump in consolidated net profit at Rs 5,998.28 crore in the June quarter, mainly on the back of higher revenues.
The consolidated net profit stood at Rs 2,048.42 crore in the year-ago period.
Total income of the company rose to Rs 10,391.61 crore in the latest June quarter from Rs 9,816.72 crore in the same period a year ago.
Motilal Oswal
The company's 1QFY22 result highlight the steady growth in its transmission business, with underlying numbers increasing 12% YoY.
Reported standalone PAT rose 3x YoY, led by gains on sale of assets to the InvIT.
Maintain buy rating with a DCF-based target price of Rs 205 per share.
At 10:28 hrs, Power Grid Corporation of India was quoting at Rs 180.85, up Rs 4.75, or 2.70 percent on the BSE.
The share touched a 52-week high of Rs 188.63 and a 52-week low of Rs 115.99 on 15 June, 2021 and 15 October, 2020, respectively.
Currently, it is trading 4.12 percent below its 52-week high and 55.92 percent above its 52-week low.