Shares of Power Grid Corporation of India Ltd were trading in the red and 1% lower on 13 August despite the company announcing receiving a Letter of Intent (LoI) for an interstate transmission system. 

In its regulatory filing, the company said, “Power Grid has been declared the successful bidder under tariff-based competitive bidding to establish an inter-state transmission system for additional transmission system for evacuation of power from Bhadla-III PS as Part of Rajasthan REZ Phase-III Scheme (20 GW)” on a build, own, operate, and transfer (BOOT) basis.”

The project involves expanding the related berths and increasing the transformation capacity at the Bhadla-III sub-station in Rajasthan.

Earlier in August, the company was declared the successful bidder to strengthen the connections between the Bhadla-III & Bikaner-III Complex on a build, own, operate, and transfer (BOOT) basis under the tariff-based competitive bidding. 

The project includes related bay expansion work at the Rajasthani substations of Bhadla-III and Bikaner-III, as well as a 765kV D/C transmission line connecting them.

In its quarterly earnings for April-June, the company recorded a consolidated net profit of Rs 3,723.92 crore, which is an increase of 3% over the Rs 3,597.16 crore recorded during the same period in the previous year. 

The revenue from operations was flat this quarter at Rs 11,006.18 crore compared to the same period the previous year when it was Rs 11,048.13 crore.

At 12:00 pm, the shares of Power Grid Corp were trading 0.18% lower at Rs 340.55 on NSE.

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