Power Grid Corp, NTPC Shares Up 3%, Hitting 3-Month Highs

Picture Source: Internet

Shares of state-owned transmission company Power Grid Corporation and power generation company NTPC hit a more than three-month high in intraday trade on Monday, each rising 3% on the BSE.

Power Grid Corporation was up 3% at Rs 228.70 at 12:25 pm. The company has been announced as the winning bid to build an interstate transmission system for two Build, Own, Operate and Transfer (BOOT) projects in Chhattisgarh. The company received letters of intent for both projects on March 2.

The first project involves establishing a 400kV DC/DC transmission line across Chhattisgarh and cross-site extension works at two existing substations. The second project consists of bay extension works, including creating 220kV at two existing substations in Chhattisgarh.

Shares of Power Grid Corporation were trading at their highest level since November 2022. It touched a 52-week high of Rs 248.25 on May 10, 2022.

Meanwhile, shares of NTPC hit their highest level since November 2022 at Rs 177.45 in intraday trade on the BSE. It hit a new 52-week high of Rs 183 on November 1, 2022.

NTPC plans to monetise renewable energy assets through an IPO or bring in strategic investors, which will help unlock value. The company has been awarded the “Standalone fuel cell microgrid using electrolysers for hydrogen production” project.

Get Daily Prediction & Stocks Tips On Your Mobile