Latest news with #PowerGrid
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Business Standard
a day ago
- Business
- Business Standard
PowerGrid stock gains 2% after acquiring MEL Power Transmission for ₹8.5 cr
PowerGrid share price today: Shares of Power Grid Corporation of India jumped over 2 per cent to hit an intraday high of ₹295.25 after the company announced the acquisition of MEL Power Transmission (MPTL), a project-specific special purpose vehicle (SPV), under the Tariff Based Competitive Bidding (TBCB) route. At 3 PM on Thursday, PowerGrid's stock was quoting at ₹294.55, up 2 per cent compared to previous day's close of ₹28.55 on the National Stock Exchange (NSE). In comparison, the benchmark Nifty50 index was trading at 24,72.6, up 107.4 points or 0.44 per cent. The stock has recovered nearly 20 per cent from its 52-week low of ₹247.3 touched on February 28, 2025. The company's total market capitalisation stood at ₹2.73 trillion. According to the exchange filing, the company acquired a 100 per cent equity stake in MPTL for a total consideration of around ₹8.53 crore. "The SPV was established for the implementation of the 'Transmission System for evacuation of power from Mahan Energen Limited Generating Station in Madhya Pradesh' on a build, own, operate, and transfer (BOOT) basis," it added. The project comprises the development of a 400kV double-circuit (D/C) transmission line and associated bays at the existing Rewa PS (PG) substation in the state of Madhya Pradesh. The acquisition cost also includes the assets and liabilities of MPTL as of the acquisition date. However, the final purchase consideration remains subject to adjustment based on MPTL's audited financials, as per the filing. About Power Grid Corporation of India PowerGrid is mainly engaged in the power transmission business through its EHVAC/HVDC transmission network. The company has diversified into the telecom business by leveraging its pan-India transmission network through the stringing of optical ground wire(OPGW). The state-owned company also provides consultancy services to domestic and international clients by leveraging its capability and experience in the field of power transmission, sub-transmission, distribution management, load dispatch & communication etc. Incorporated in October 1999, Power Grid is a Schedule A 'Maharatna' public sector enterprise (PSE). The government of India owns a 51.34 per cent stake in the company and the remaining is held by institutional investors and the public.
New Indian Express
2 days ago
- Business
- New Indian Express
Indian indices open mildly positive on Thursday
CHENNAI: Benchmark indices opened on a mildly positive note on Thursday, reflecting cautious optimism amid subdued global cues. The BSE Sensex rose by 137 points (0.17%) to hover around 81,136, while the Nifty50 inched up 38 points (0.15%) to 24,658 in early trade. The top gainers today in the opening trade under Sensex were Eternal, Power Grid, Sun Pharma, Reliance Industries, M&M, HCL Tech, Adani Ports and NTPC. While the key losers included Bajaj Finance and Bajaj Finserv, Axis Bank, Nestle India, HUL, Tata Motors and Titan. Broader Markets & Sectoral Trends Nifty MidCap 100 was up 0.36% on Thursday in the start, while Nifty SmallCap 100 rose mildly by 0.69%. Among sectoral indices, Nifty Pharma was 1.0% up, led by gains in Dr Reddy's Lab. Nifty Realty and Nifty FMCG were also up by 0.5% and 0.1% respectively.
The Hindu
2 days ago
- Business
- The Hindu
Markets climb in early trade on fresh foreign fund inflows, buying in Reliance
Benchmark equity indices Sensex and Nifty rallied in early trade on Thursday (June 5, 2025) driven by buying in blue-chip stock Reliance Industries and fresh foreign fund inflows. Moreover, a largely firm trend in Asian markets also added to the positivity in domestic equities, analysts said. The 30-share BSE Sensex climbed 197.83 points to 81,196.08 in opening trade. The NSE Nifty went up by 71 points to 24,691.20. From the Sensex firms, Eternal, Power Grid, Reliance Industries, Sun Pharm, Mahindra & Mahindra, HCL Tech, Adani Ports and NTPC were among the biggest winners. Bajaj Finance, Bajaj Finserv, Nestle and Hindustan Unilever were among the laggards. Foreign Institutional Investors (FIIs) turned buyers on Wednesday. They bought equities worth ₹1,076.18 crore, according to exchange data. In Asian markets, South Korea's Kospi, Shanghai's SSE Composite index and Hong Kong's Hang Seng were trading in the positive territory while Japan's Nikkei 225 index quoted lower. US markets ended on a mixed note on Wednesday. Global oil benchmark Brent crude dipped 0.12 per cent to USD 64.78 a barrel. On Wednesday, the 30-share BSE Sensex climbed 260.74 points or 0.32 per cent to settle at 80,998.25. The Nifty went up 77.70 points or 0.32 per cent to 24,620.20.
Economic Times
2 days ago
- Business
- Economic Times
RIL, Eternal drive Sensex 400 points higher, Nifty above 24,700
Indian benchmark equity indices, Sensex and Nifty, opened higher on Thursday, mirroring gains in Asian peers, while Treasury yields and the US dollar dipped. ADVERTISEMENT The BSE Sensex was trading 419 points, or 0.52%, higher at 81,417. The Nifty50 was up 120 points, or 0.49%, trading at 24,740 around 9:37 am. From the Sensex pack, Eternal, Power Grid, Sun Pharma, Reliance, M&M, and HCL Tech were among the top gainers, rising up to 2.5%. Meanwhile, Bajaj Finserv, Bajaj Finance, Axis Bank, Nestle, and HUL opened with losses. Barring Nifty FMCG, all major sectoral indices advanced at the open, with Nifty Pharma, Oil & Gas, and Auto leading the gains, rising up to 1.2%. Broader markets also moved higher, with the smallcap index up 0.7% and the midcap index rising 0.4%. Among individual stocks, Hindustan Aeronautics (HAL) opened nearly 2% higher after the company refuted a media report claiming that its negotiations with General Electric (GE) for the local production of GE414 engines had stalled. The state-run aerospace and defence firm called the report 'factually incorrect and misleading.' The MSCI Asia ex-Japan index rose 0.5%, led by gains in Hong Kong and South Korean stocks, with the latter hitting an 11-month high on post-election optimism. ADVERTISEMENT Overnight, Wall Street ended mixed, while Treasury yields and the dollar slipped after data showed a contraction in the U.S. services sector in May for the first time in a home, investors await the Reserve Bank of India's policy decision on Friday, with the central bank widely expected to cut key lending rates by 25 basis points for the third consecutive meeting. ADVERTISEMENT "Both geopolitical and economic news are likely to weigh on markets in the near term. A serious concern is a potential Russian retaliation to the recent Ukraine attacks on Russian planes. How serious this will be and what will be its consequences are unknown factors now," said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments. ADVERTISEMENT "The major economic news is the sharp dip in the US ISM PMI data. This indicates that the US economy is slowing down sharply. The US 10-year bond yield has declined to 4.36 % and, given the slowing US economy, is likely to trend lower. This will turn out to be good for EMs like India in the medium term, but the spike in uncertainty will keep the market within the present range for the near-term," Vijayakumar added. Hardik Matalia, Derivative Analyst at Choice Broking, said, Nifty can find support at 24,600, followed by 24,400 and 24,450. On the higher side, 24,700 can be an immediate resistance, followed by 24,800 and 24,850.
Time of India
2 days ago
- Business
- Time of India
Power Grid shares in focus on Rs 8.53 crore acquisition of MEL Power Transmission
Power Grid Corporation of India (Power Grid) will be in the spotlight on Thursday, June 5, after the company announced the acquisition of MEL Power Transmission Ltd (MPTL), a project-specific special purpose vehicle (SPV), under the Tariff-Based Competitive Bidding (TBCB) route. The acquisition transaction involved a 100% equity takeover of MPTL. Power Grid acquired the SPV for a total consideration of approximately Rs 8.53 crore. The acquisition cost also accounts for the assets and liabilities of MPTL as on the acquisition date. However, the final purchase consideration remains subject to adjustment based on MPTL's audited financials. The acquisition was completed on June 4. According to the regulatory filing, Power Grid acquired MPTL according to its selection as the successful bidder by the Bid Process Coordinator, PFC Consulting Ltd (PFCCL). The SPV was established for the implementation of the 'Transmission System for evacuation of power from Mahan Energen Limited Generating Station in Madhya Pradesh' on a build, own, operate, and transfer (BOOT) basis. The project's scope includes the development of a 400kV double-circuit (D/C) transmission line and the associated infrastructure at the Rewa (PG) substation, located in the state of Madhya Pradesh. MPTL was incorporated on November 19, 2024, by PFCCL and was created following the government's notification of the TBCB framework aimed at facilitating private sector participation and ensuring transparency in project allocation. Before this deal, neither Power Grid nor its promoter group held any interest in MPTL, the company informed. The shares of Power Grid closed flat at Rs 288.60 on the BSE on Wednesday. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
