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Maharatna firm hits all-time high price in trade today: What’s powering the stock?
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The PSU stock has risen ₹25, or 8.6%, in these three sessions aided by recent price target revision and positive commentary from a foreign brokerage.
Shares of Power Grid Corporation of India jumped 5% to hit an all-time high of ₹317.25 in intra-day trade, extending gains for the third straight session. The stock has risen ₹25, or 8.6%, in these three sessions aided by recent price target revision and positive commentary from a foreign brokerage.
In a recent report in mid-April, Goldman Sachs gave a ‘buy’ rating on the stock with a 12-month target price of ₹355. The global brokerage believes India’s largest transmission asset developer is a play on the grid capex supercycle with a large balance sheet.
The company can fund 30% of the country’s estimates of grid capex for the financial years 2024-2032 while maintaining the current dividend payout, the foreign brokerage said in a note.
Additionally, Power Grid has a structural funding advantage and consistency of core regulated earnings, according to a report by Goldman Sachs.
Earlier in mid-April, the Maharatna public sector undertaking bagged three inter-state transmission projects under tariff-based competitive bidding in the states of Rajasthan, Madhya Pradesh and Gujarat.
PowerGrid results
The state-owned firm reported on February 7 a 10.5% year-on-year (YoY) increase in net profit at ₹4,028.3 crore for the third quarter that ended December 31, 2023. The company’s revenue from operations increased 2.6% to ₹11,549.8 crore as against ₹11,261.8 crore in the corresponding period of the preceding fiscal.
PowerGrid share price performance and dividend history
At 2.10 PM, shares of the company were at ₹315. So far this year, the Maharatna PSU stock has gained more than 32%, while the one-year return on the scrip is nearly 75%.
For the year ending March 2023, Power Grid Corporation of India declared an equity dividend of 187.50% amounting to ₹18.75 per share, as per Moneycontrol data.
| Announcement date | Ex-date | Dividend type | Dividend (%) | Dividend (₹) |
| 29-01-2024 | 15-02-2024 | Interim | 45 | 4.5 |
| 25-10-2023 | 16-11-2023 | Interim | 40 | 4 |
| 19-05-2023 | 8/8/23 | Final | 47.5 | 4.75 |
| 23-01-2023 | 8/2/23 | Interim | 50 | 5 |
| 27-10-2022 | 14-11-2022 | Interim | 50 | 5 |
| 23-05-2022 | 19-08-2022 | Final | 22.5 | 2.25 |
| 1/2/22 | 16-02-2022 | Interim | 55 | 5.5 |
| 10/12/21 | 22-12-2021 | Interim | 40 | 4 |
| 11/12/21 | 22-12-2021 | Special | 30 | 3 |
| 17-06-2021 | 8/9/21 | Final | 30 | 3 |
| 23-02-2021 | 8/3/21 | Interim | 40 | 4 |
| 7/12/20 | 17-12-2020 | Interim | 50 | 5 |
| 22-06-2020 | 2/9/20 | Final | 40.4 | 4.04 |
| 27-02-2020 | 16-03-2020 | Interim | 59.6 | 5.96 |
| 29-05-2019 | 19-08-2019 | Final | 25 | 2.5 |
| 22-02-2019 | 14-03-2019 | Interim | 58.3 | 5.83 |
| 29-05-2018 | 10/9/18 | Final | 28 | 2.8 |
| 23-01-2018 | 8/2/18 | Interim | 24.5 | 2.45 |
| 31-05-2017 | 11/9/17 | Final | 33.5 | 3.35 |
| 27-01-2017 | 16-02-2017 | Interim | 10 | 1 |
| 27-05-2016 | 8/9/16 | Final | 15.1 | 1.51 |
| 18-01-2016 | 3/2/16 | Interim | 8 | 0.8 |
| 1/6/15 | 7/9/15 | Final | 13.1 | 1.31 |
| 23-02-2015 | 9/3/15 | Interim | 6.9 | 0.69 |
| 29-05-2014 | 4/9/14 | Final | 13.1 | 1.31 |
| 13-02-2014 | 4/3/14 | Interim | 12.7 | 1.27 |
| 28-05-2013 | 5/9/13 | Final | 11.4 | 1.14 |
| 30-01-2013 | 15-02-2013 | Interim | 16.1 | 1.61 |
| 29-05-2012 | 5/9/12 | Final | 13.1 | 1.31 |
| 25-01-2012 | 13-02-2012 | Interim | 8 | 0.8 |
| 24-05-2011 | 6/9/11 | Final | 12.5 | 1.25 |
| 25-01-2011 | 11/2/11 | Interim | 5 | 0.5 |
| 26-05-2010 | 7/9/10 | Final | 10 | 1 |
| 24-12-2009 | 11/1/10 | Interim | 5 | 0.5 |
| 16-06-2009 | 21-08-2009 | Final | 7 | 0.7 |
| 20-01-2009 | 4/2/09 | Interim | 5 | 0.5 |
| 19-06-2008 | 1/9/08 | Final | 7 | 0.7 |
| 22-02-2008 | 10/3/08 | Interim | 5 | 0.5 |
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