Even though Power Grid Corporation of India won the auction for the Bhadla-III & Bikaner-III complex, the company’s share price dropped by around 4% during the trading session on August 5.

In its regulatory filing, the company said,  “Power Grid has been declared as the successful bidder under tariff based competitive bidding to establish inter-state transmission system for transmission system strengthening for interconnections of Bhadla-III & Bikaner-III complex on build, own operate and transfer (BOOT) basis.”

The scope of the project comprises a  765kV D/C transmission line connecting the Bhadla-III and Bikaner-III substations in Rajasthan and associated bay extension work at both substations.

In its quarterly earnings for April-June, the company reported a 3% year-on-year increase in consolidated net profit at Rs 3,723.92 crore during the quarter against Rs 3,597.16 crore reported in the same quarter last year. 

However, the revenue from operations during the quarter decreased marginally to 11,006.18 crore compared to Rs 1,048.13 crore reported in the same quarter last year. 

At 12:45 pm, the shares of Power Grid Corporation were trading 4.54% lower at Rs 341.95.

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