On June 30, Power Grid Corporation of India shares hit a 52-week high of Rs 259.80 after its board approved three investment proposals worth Rs 389 crore.
Power Grid shares were trading 2.14% up at Rs 255.50 at 9.50 am on the BSE.

In a post-market-hour filing, Power Grid said its Committee of Directors on Investment on Projects had permitted an investment proposal to establish a dedicated telecom network for NTAMC at an estimated cost of Rs 164.38 crore.
The board also accepted the ‘Western Region expansion scheme – XXXIII – Part A’ at an estimated cost of Rs 115.09 crore, scheduled to be commissioned by August 15, 2024.

Besides, the company acknowledged the investment consent for ‘ICT Augmentation at Navsari (New) connected with the integration of additional 7 GW RE power from Khavda RE park under Phase-III’ at a projected cost of Rs 109.47 crore. This project is anticipated to be commissioned by October 2025.

Power Grid Corporation of India – one of the largest power transmission utilities in the world – stated a growth of 3.94% YoY in combined net profit to Rs 4,320.43 crore from Rs 4,156.44 crore.
Revenue from operations came at Rs 12,263.72 crore, up 14.75% from Rs 10,686.77 crore in the same quarter last year.

The board of directors suggested a final dividend of Rs 4.75 per share for 2022-23, subject to the shareholders’ approval. The total dividend with an interim dividend for FY22-23 was Rs 14.75 per share.

Power Grid is up 18% this year to date. The nation’s largest power transmission utility transmits about 45% of the total power generated in India through its network. It also offers transmission-related consultancy to over 150 domestic clients and owns and operates a 71,673 km telecom network.