Shares of Power Grid Corporation rose 2.2 percent in the early trade on Wednesday. The company has posted 4.6 percent jump in its Q4 net profit at Rs 2,004.7 crore and revenue was up at Rs 7,811.3 crore.
The board has recommended final dividend of 28 percent i.e Rs 2.80 per share of Rs 10 each.
Brokerage house CLSA has downgraded Power Grid to outperform from buy and cut target price to Rs 237 from Rs 250 per share.
According to CLSA the fourth quarter was 10 percent below its and consensus on the back of higher CSR spends.
The company’s capitalisation fell 40 percent as large HVDC lines commissioned earlier.
The broking house believes that the best of company is behind us in terms of capitalisation and peaked in capex and capitalisation over FY18-21 will slow earnings growth.
It has forecast of a 30 percent rise in RE over FY18-21.
At 09:45 hrs Power Grid Corporation of India was quoting at Rs 211.20, up Rs 4, or 1.93 percent on the BSE.
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