PowerGrid hits record high, gains 4%; stock has rallied 18% in last 3 weeks
Shares of PowerGrid Corporation hit a record high of Rs 214.80, up 4 per cent on the BSE in Thursday as robust project pipeline provides earnings visibility for 2-3 years for the company. The stock of state-owned electric utilities company surpassed its previous high of Rs 209.75 touched on October 18, 2021.
In the past three weeks, PowerGrid has outperformed the market by surging 18 per cent, as compared to 1.8 per cent decline in the S&P BSE Sensex. The company commissioned entire Raigarh-Pugalur 6,000 MW HVDC System on October 25, 2021.
For July-September quarter (Q2FY22), the company’s standalone profit after tax (PAT) increased by 7 per cent year on year (YoY) to Rs 3,338 crore, due to lower-than-expected surcharge income at Rs 89 crore (versus Rs 220 crore in Q2FY21).
