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BSE   18 Apr 19 | 12:00 AM

194.20 -2.65 (-1.35%)
Mkt Price (Rs)   Chg Rs (Chg %)
Code: 532898
Face Value: N.A.

NSE   18 Apr 19 | 12:00 AM

194.30 -2.55 (-1.3%)
Mkt Price (Rs)   Chg Rs (Chg %)
1 Week : Rs 197.00 (-1.42%)
1 Month : Rs 198.70 (-2.26%)
1 Year : Rs 208.20 (-6.72%)
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Power Grid Corporation hits record high

SI Reporter / Mumbai 17 Nov 16 | 03:21 PM

Power Grid Corporation of India (PGCIL) hit a record high of Rs 196, up 4% on the BSE in an otherwise range bound market.

Post July-September 2016 (Q2FY17), the stock outperformed the market by surging 11% from Rs 177 on November 8, as compared to 4.7% decline in the S&P BSE Sensex.

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The state-owned power utilities company posted 32% year on year (YoY) jump in net profit at Rs 1,872 crore for Q2FY17, on back of strong operational income. Total income increased 30% to Rs 6,480 crore on YoY basis.

EBITDA (earnings before interest, taxes, depreciation and amortization) margin improved to 89.87% from 88.82%. Staff cost grew just 5.4% in Q2FY17, driving the margin improvement.

The company said it got the consultancy for electrification works for 761 route kms from Ministry of Railways.

JP Morgan maintains ‘overweight’ rating on the stock with target price of Rs 200.

“Another good quarter for PGCIL supports our view that the stock deserves a premium for predictability," the foreign brokerage said in a report.

Elara Capital also reiterates ‘Accumulate’ rating on the stock and raise target price to Rs 200.

“We have increased our EPS by 2% each in FY17E and FY18E on higher incentive, higher consultancy & telecom revenue, partly offset by lower capitalization," the brokerage firm said in a Q2 results update.

At 03:16 pm, the stock was up 2.7% at Rs 193 on BSE as compared to 0.31% fall in the S&P BSE Sensex. A combined 5.3 million shares changed hands on the counter on BSE and NSE so far.

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