Shares of Power Grid Corporation hit a 52-week high of Rs 240.10 on 2 January after the company was declared as the lowest bidder for an inter-state transmission system project.

In its regulatory filing, the company said, “Power Grid Corporation has been declared as successful bidder under tariff based competitive bidding to establish inter-state transmission system for “Transmission system for evacuation of power from REZ in Rajasthan (20 gigawatts) under Phase-III Part D – Phase I” on build, own, operate and transfer (BOOT) basis.”

The project involves establishing two 765 kilovolt D/C transmission lines that will travel between Rajasthan and Delhi along with associated bay extension works at existing substations.

On 1 January, Ravindra Kumar Tyagi, Director (Operations), assumed the post of chairman and managing director (CMD) of the company after the superannuation of Sreekant Kandikuppa as CMD of the company.

On 29 December, the Board of Directors had considered and approved the raising of Rs 2,200 crore towards the third tranche of bonds with a greenshoe option of Rs 1,700 crore.

At 3:13 pm, the shares of Power Grid Corporation had shed all their early gains and were trading 0.31% lower at Rs 237.50 on NSE.