Power Grid Shares Surge 3% on Strong Q3 Earnings
Feb 08, 2024 16:24
Power Grid Corporation's shares climbed 3% on Thursday after the company reported a 10.5% rise in net profit for the December quarter, driven by higher revenues.
Photograph: Courtesy Power Grid Corporation
New Delhi, Feb 8 (PTI) Shares of Power Grid Corporation climbed 3 per cent on Thursday after the company posted a rise in consolidated net profit to Rs 4,028.25 crore in the December quarter.
The stock jumped 7.42 per cent to Rs 287.85 during the day on the BSE. It ended at Rs 276.20 apiece, up 3.08 per cent.
On the NSE, shares of the company settled at Rs 276, up 3 per cent after climbing 7.50 per cent to Rs 288.05 during the day.
The company added Rs 7,673.01 crore to take its market valuation to Rs 2,56,882.68 crore.
In volume terms, 25.21 lakh shares of the company were traded on the BSE and over 6.97 crore shares on the NSE during the day.
Power Grid's consolidated net profit jumped 10.5 per cent to Rs 4,028.25 crore in the latest December quarter, mainly on the back of higher revenues, according to a regulatory filing on Wednesday.
The same was at Rs 3,645.29 crore in the year-ago period.
Its total income increased to Rs 11,819.70 crore in the third quarter of the current fiscal from Rs 11,530.22 crore in the same period a year ago.
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