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Power Grid gains on getting investment approval for utilization of transmission line towers for telecom biz

Power Grid Corporation of India is currently trading at Rs. 197.80, up by 1.15 points or 0.58% from its previous closing of Rs. 196.65 on the BSE.

The scrip opened at Rs. 195.45 and has touched a high and low of Rs. 199.10 and Rs. 194.70 respectively. So far 37541 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 216.20 on 01-Aug-2019 and a 52 week low of Rs. 173.05 on 14-Feb-2019.

Last one week high and low of the scrip stood at Rs. 202.55 and Rs. 194.70 respectively. The current market cap of the company is Rs. 103428.53 crore.

The promoters holding in the company stood at 55.37%, while Institutions and Non-Institutions held 40.15% and 4.48% respectively.

Power Grid Corporation of India has received an investment approval for utilization of Transmission Line Towers for Telecom Business at 500 locations at an estimated cost of Rs 94.20 crore. The Board of the company at its meeting held on October 01, 2019, approved the same.

The Board has also given an in-principle approval for Asset Monetization through Infrastructure Investment Trust (InvIT).

Power Grid Corporation of India is an Indian state-owned electric utilities company headquartered in Gurgaon, India. Power Grid transmits about 50% of the total power generated in India on its transmission network.

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