Robust Q4 outcome powers Power Grid Corporation

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SMS BOS < SPACE > MF, MUTUAL FUND QUERY AT 56388
COS GETTING FRESH FDI IN SECTORS WHERE FDI CAPS HAVE GONE UP: SOURCES
NEW NORMS TO CONSIDER TOTAL FOREIGN INVESTMENT NOT TOTAL INVESTMENT: SRCS
CCEA NOD NEEDED ONLY FOR INVESTMENTS OF RS.1200 CR AND ABOVE: SOURCES
GOVT TO EASE NORMS FOR FDI REQUIRING CABINET APPROVAL: SOURCES
NO PLANS TO OFFER HOME LOANS AT 8%: NW
OCTOBER UNEMPLOYMENT RATE RISES TO 10.2% VS 9.8% (MOM)
EMPLOYERS CUT PAYROLLS BY 190,000 IN OCTOBER VS ESTIMATE OF 175,000
FOREIGN FUNDS NET BUY RS.587.02 CR IN EQUITIES ON NOVEMBER 6 (PROVISIONAL)
DOMESTIC FUNDS NET BUY RS.236.62 CR IN EQUITIES ON NOVEMBER 6 (PROVISIONAL)
KINGFISHER RAISES FUEL SURCHARGE BY RS.200 ON SECTORS MORE THAN 1000 KM
KINGFISHER RAISES FUEL SURCHARGE BY RS.100 ON SECTORS UPTO 1000 KM
JET AIRWAYS RAISES FUEL SURCHARGE BY RS.100-150 ON SECTORS UPTO 1000 KM
NET PROFIT AT $455 MN VS LOSS OF $24.6 BN (YOY)
TOTAL REVENUES AT $26.05 BN VS $898 MN (YOY)
MUTUAL FUNDS NET BUY RS.34.3 CR IN EQUITIES ON NOVEMBER 5
FOREIGN FUNDS NET BUY RS.267.6 CR ($56.8 MN) IN EQUITIES ON NOVEMBER 5
OVER 7% GROWTH ACHIEVABLE IN FY'11
TO EXPLORE STIMULUS EXIT MODE NOW; WINDING DOWN STIMULUS TO CUT DEFICIT
SENSEX UP 1.65%, NIFTY UP 1.8% FOR THE WEEK
CNX MIDCAP INDEX UP 3.9%, BSE SMALLCAP INDEX UP 1.6%
BSE PSU INDEX UP 4.77%, REALTY UP 4.4%, METAL INDEX UP 4%
INDEX GAINERS: BHARTI UP 9.4%, JP ASSOCIATES UP 8.6%, IDFC UP 7%
GETS U.S. FDA NOD FOR GENERIC ACULAR
TO RAISE UPTO $300 MN VIA FCCBS
EXTENDING 8% HOME LOAN SCHEME TILL 31ST MARCH , 2010
INDIAN RAILWAYS SHOULD RATIONALISE PASSENGER FARES UPWARD
TO RAILWAYS: STOP CROSS SUBSIDISING FARES AND FREIGHTS
IMPOSES 20% SAFEGUARD DUTY ON IMPORT OF SODA ASH
ROAD DEFICIT REMAINS THE GREATEST PROBLEM IN INFRASTRUCTURE IN INDIA

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.