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Power Grid Sheds Over 2% Even After Reporting 6% Rise In Profit In March Quarter


Power Grid Reports 6% Rise In Profit In March Quarter, Stock Edges Lower

Shares of Power Grid Corporation settled 2.80 per cent lower at Rs 233 apiece on the BSE.

Share price of Power Grid Corporation of India Limited edged lower by more than two per cent on Friday, June 18, after the company announced its January-March quarter results for the financial year 2020-21. On Friday, Power Grid Corporation opened on the BSE at Rs 247, inching to an intra day high of Rs 247, and an intra day low of Rs 230.20, throughout the trading session. According to a regulatory filing by the company to the stock exchanges, Power Grid reported a net profit of Rs 3,526 crore, on a consolidated basis in the March quarter of fiscal 2020-21.

The state-owned electricity board reported a net profit of Rs 3,313.47 crore in the corresponding quarter of the previous fiscal year, marking a growth of six per cent for the fourth quarter of fiscal 2021.

The company’s board of directors recommended a final dividend of Rs. 3.00 per share, which is 30 per cent on the paid-up equity share capital for the financial year 2020-21, upon the approval of shareholders. The final dividend will be paid within 30 days from the date of its declaration at the company’s annual meeting. 

This dividend is in addition to the first interim dividend of Rs 5 per share paid on January 8, and the second one of Rs 4 per share paid on March 30, this year, for the fiscal 2020-21.

On the NSE, Power Grid Corporation opened at Rs 244, registering an intra day high of Rs 245 and an intra day low of Rs 230.10, in the trading session today. On the NSE, shares of Power Grid Corporation settled 2.33 per cent lower at Rs 234.25 apiece.

Shares of Power Grid Corporation settled 2.80 per cent lower at Rs 233 apiece on the BSE.

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