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Power Grid shares rise 3% on CLSA upgrade to buy

The board has recommended a final dividend of Rs 4.04 per share for the financial year 2019-20.

June 23, 2020 / 04:39 PM IST

Power Grid Corporation of India share price added over 3 percent intraday on June 23 after CLSA has upgraded the stock and also raised the target price.

Foreign broking house CLSA has upgraded the stock to buy and raised the target to Rs 205 from Rs 190 per share.

It’s a defensive play in a COVID-19 infected world and see the company as an island of solid, regulated earnings, said CLSA.

The commercialisation of HVDC project will provide earnings visibility and see it growing earnings 19% over FY21-23, it added.

CLSA see a little downside to its estimated 52 percent rise in its dividend over FY20-23, reported CNBC-TV18.

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Credit Suisse has maintained an outperform rating and cut target price to Rs 220 from Rs 250. The long-term outlook on business is positive, while revise estimates by -1.1%/1.1% for FY21/22. InvIT may drive additional one-time dividend, reported CNBC-TV18.

The company has posted 8 percent jump in its Q4 net profit at Rs 3,313.47 crore in March 2020 from Rs 3,061.43 crore in March 2019. Revenue from operations was up 6.4 percent at Rs 10,148.26 crore from Rs 9,535.12 crore in March 2019.

The board has recommended a final dividend of Rs 4.04 per share for the financial year 2019-20 subject to the approval of the shareholders at the ensuing Annual General Meeting of the company.

At 12:07 hrs, Power Grid Corporation of India was quoting at Rs 183.50, up Rs 4.80, or 2.69 percent on the BSE.
Moneycontrol News
first published: Jun 23, 2020 12:26 pm
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