Power Grid share price rises 3% on Q4 results, bonus, dividend announcement

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Power Grid Corporation of India share price added 3 percent in the early trade on June 18 a day after the company declared its March quarter results.

The company reported 6.4 percent jump in its March quarter consolidated net profit to Rs 3,526.23 crore against Rs 3,313.47 crore in the same quarter last year.

Its revenue rose to Rs 10,510.23 crore from Rs 10,148.26 crore, YoY.

The company board has recommended issue of bonus shares in the ratio of 1:3 i.e. 1 new equity bonus share of Rs 10 each for every 3 existing equity share of Rs 10 each fully paid up share held by the shareholders, subject to approval of the shareholders of the company.

The company's board also recommended a final dividend of Rs 3 per share (i.e. at 30% on the paid up equity share capital) for the financial year 2020-21.

Foreign broking house CLSA has maintained buy on the stock with a target at Rs 275 per share.

It’s an attractive dividend yield stock and a good play on green corridors. The valuation is inexpensive at current levels, said CLSA.
IT raises FY22/23 EPS estimate by 5 percent.

At 09:16 hrs Power Grid Corporation of India was quoting at Rs 240.35, up Rs 0.65, or 0.27 percent on the BSE.

The share touched a 52-week high of Rs 251.50 and a 52-week low of Rs 154.65 on 15 June, 2021 and 15 October, 2020, respectively.

Currently, it is trading 4.49 percent below its 52-week high and 55.32 percent above its 52-week low.