Robust Q4 outcome powers Power Grid Corporation

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FOREIGN FUNDS NET SELL RS.463.89 CR IN EQUITIES ON NOVEMBER 20 (PROV)
MUTUAL FUNDS NET SELL RS.176.7 CR IN EQUITIES ON NOVEMBER 19
DII'S NET BUY RS.18.46 CR IN EQUITIES ON NOVEMBER 20 (PROV)
TO ENTER INTO CUSTOMIZED MOTOR CYCLE BIZ VIA PRO-BIKING SHOWROOMS
TO EXPAND PANTNAGAR CAPACITY TO 70,000 UNITS IN NEXT FEW MONTHS
AKER IS A NORWEGIAN SERVICE PROVIDER CO FOR OIL AND GAS OPERATIONS
AKER SOLUTIONS TO PROVIDE SUPPORT SERVICES IN KG BASIN
AKER BAGGED SUB SEA PRODUCTION ORDER FROM RIL IN 2006 ALSO
RELIANCE IND PLACES RS.115 CR ORDER WITH NORWAY'S AKER SOLUTIONS
PORTING CHARGES TO BECOME APPLICABLE FROM DECEMBER 31, 2009
MNP ALLOWS USERS TO CHANGE OPERATORS WHILE RETAINING MOBILE NOS
USERS TO PAY MAX OF RS.19 TO CHANGE OPERATOR WHILE RETAINING OLD NUMBER
TRAI COMES OUT WITH NUMBER PORTABILITY CHARGES
PUNJAB NATIONAL BANK PLANS TO RAISE RS 700 CR BY SELLING BONDS
TATA TELE-QUIPPO OFFERING BETTER SERVICING DEAL FOR TOWERS: SOURCES
GTL BID 10-15% HIGHER THAN TATA-QUIPPO: SOURCES
DEAL VALUED AT AROUND RS.6000 CR : SOURCES
MAY JOIN RACE FOR SHELL'S EUROPEAN REFINERIES: SOURCES
SENSEX, NIFTY UP 1% EACH FOR THE WEEK
CNX MIDCAP INDEX UP 1%, BSE SMALLCAP INDEX UP 1.6%
METAL INDEX UP 3.7%, AUTO INDEX UP 2.3%, FMCG UP 1.5%
INDEX GAINERS: SUZLON UP 9.3%, TATA STEEL UP 6.3%, SAIL UP 5.3%
APPROACHED SHELL FOR BUYOUTS BEFORE ESSAR'S EXCLUSIVE TALKS BEGUN
ESSAR-SHELL IN EXCLUSIVE NEGOTIATIONS TILL NOV 30 TO BUY 3 SHELL REFINERIES
RIL SPOKESPERSON: 'WE ARE REVIEWING A NUMBER OF GLOBAL OPPORTUNITIES'
RIL SPOKESPERSON TO NDTV: 'REVIEWS CANNOT ASSURE TRANSACTIONS'
JSW ENERGY ALSO IN RACE FOR ANDREW YULE'S DPSC STAKE: NW
CESC, SREI INFRA IN RACE FOR ANDREW YULE'S DPSC STAKE: NW
GAMMON INFRA BAGS NHAI PROJECT WORTH RS.850 CRORES
NET PROFIT AT RS.48.2 CR VS RS.12 CR; SALES UP 55% AT RS.849 CR (YOY)

Updated: 17/06/2009 | 12:00 AM IST

Power

Capital Market

Wednesday, June 17, 2009 (New Delhi)

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Meanwhile, the BSE Sensex was down 87.34 points, or 0.58%, 14,870.57.

On BSE, 77,505 shares were traded in the counter. The stock had an average daily volume of 15.20 lakh shares in the past one quarter.

The stock hit a high of Rs 124.55 and hit a low of Rs 121.10 so far during the day. The stock hit a 52-week high of Rs 128.35 on 5 June 2009 and a 52-week low of Rs 51.75 on 27 October 2008.

The large-cap stock had underperformed the market over the past one month till 16 June 2009, rising 21.59% as compared to the Sensex's return of 22.87%. It had also underperformed the market in the past one quarter, rising 27.74% as compared to the Sensex's return of 67.25%.

The company's current equity is Rs 4208.84 crore. Face value per share is Rs 10.

The current price of Rs 124.50 discounts the company's Q4 March 2009 annualized EPS of Rs 5.86, by a PE multiple of 21.25.

Power Grid Corporation of India (PGCIL)'s net sales rose 50.6% to Rs 2,287.89 crore in Q4 March 2009 over Q4 March 2008. The company's net profit rose 16.7% to Rs 1,690.61 crore on 42% increase in net sales to Rs 6,675.85 crore in the year ended March 2009 over the year ended March 2008. The company announced the results after trading hours on Tuesday, 16 June 2009.

The state owned transmission utility currently has a network of 71,500 circuit kilometers (km) compared with 67,000-circuit km on 31 March 2008. PGCIL carries about 45% of the total power generated in India.

At the time of announcing results, the board of the company declared a final dividend at the rate of Rs 0.70 per share (7%).

PGCIL's board had on 27 February 2008 approved investments worth Rs 11130.19 crore in an inter-regional grid connector project. The board also approved investments worth Rs 276.61 crore in a transmission project related to Korba-III power plant in Chattisgarh and an unspecified amount in a regional grid project in south India.

Power Grid Corporation of India owns and operates most of India's inter-state and inter-regional electric power transmission system.

The Government of India holds 86.36% stake in the firm.