Power Grid shares surge 4% on winning transmission system projects

At 09:32am, Power Grid Corporation of India was quoting at Rs 284.55, up Rs 10.20, or 3.72 percent, on the BSE.

In early trade on April 18, the share price of Power Grid Corporation of India surged by nearly 4 percent following the company's successful bid in tariff-based competitive bidding for establishing inter-State transmission systems. These projects will be executed on a build, own, operate, and transfer (BOOT) basis.

The bid for transmission projects in Rajasthan and Gujarat. They will handle evacuating power from specific areas in these regions. Additionally, they received Letters of Intent for similar projects in the same regions.

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The committee of directors for bonds in their meeting held on April 17, 2024 has approved the raising of bonds as unsecured, non-convertible, non-cumulative, redeemable, taxable POWERGRID Bonds Issue(s) during FY 2024-25 in one or more tranches/series upto Rs 12,000 crore.

On April 10, the company informed that the project under transmission system for evacuation of power from 2X500MW Neyveli Lignite Corp. Ltd TS-1 (Replacement) (NNTPS) in Neyveli, Tamil Nadu has been commissioned with effect from February 10, 2024.

At 09:32am, Power Grid Corporation of India was quoting at Rs 284.55, up Rs 10.20, or 3.72 percent, on the BSE.