Power Grid’s North East project commissioned, shares down 1.2%

Power Grid trades flat post the commission of project under North Eastern Region scheme

Shares of Power Grid traded lower on August 17, post successful commissioning of a project in the North-East.

At 12:07 pm, the Power Grid stock was trading 2.22 percent lower at Rs 242.55 on NSE.

The state-owned electric services company has successfully commissioned assets under North-Eastern Region Strengthening Scheme-VI. The company received notification for the commercial operation on August 16, according to an exchange filing.

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Sharekhan is bullish on Power Grid Corporation of India has recommended buy rating on the stock with a target price of Rs 265 in its research report dated May 22, 2023.

Bank of America Securities (BofA) has downgraded Power Grid stock, changing its rating from 'buy' to 'underperform' in a recent report. Despite this downgrade, BofA has maintained the target price for the stock at Rs 259.

Brokerage firm Yes Securities has 'buy' call on Power Grid Corporation of India with a target price of Rs 295.

Promoter i.e., The President of India has a 51.34 percent stake in Power Grid. FIIs and DIIs have a 33.13 percent and 12.57 percent stake in the company respectively. The public owns the remaining 2.95 percent stake in the company.

The Power Grid stock has gained 14.31 percent over the last six months, compared to an 8.5 percent rise in the Nifty 50 index.