PowerGrid | Business Upturn

Powergrid acquires MEL Power Transmission for Rs 8.53 crore under tariff-based bidding

Aditya Bhagchandani — Wed, 04 Jun 2025 13:00:34 +0000

Power Grid Corporation of India Limited (POWERGRID) on June 4 announced the acquisition of MEL Power Transmission Limited (MPTL) for Rs 8.53 crore, marking another key addition to its transmission network under the Tariff-Based Competitive Bidding (TBCB) route.

The acquisition follows POWERGRID’s selection as the successful bidder for the project titled “Transmission System for evacuation of power from Mahan Energen Limited Generating Station in Madhya Pradesh.” The project involves setting up a 400kV double-circuit transmission line and associated bays at the existing Rewa Powergrid substation.

MPTL, incorporated on November 19, 2024, by PFC Consulting Limited, was transferred to POWERGRID on a Build, Own, Operate, and Transfer (BOOT) basis. The acquisition includes 10,000 equity shares at par and the company’s assets and liabilities, with the price subject to adjustment based on audited accounts.

POWERGRID acquired 100% shareholding in MPTL, which aligns with its core business of power transmission. Although MPTL is yet to commence commercial operations, it is expected to play a crucial role in strengthening the evacuation infrastructure for power generation in Madhya Pradesh.

Further regulatory approvals, such as the grant of a transmission license and adoption of transmission charges, will be secured from the Central Electricity Regulatory Commission (CERC).

Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.

Hitachi Energy India to execute HVDC link for POWERGRID’s renewable energy project

Matrika Shukla — Mon, 25 Nov 2024 12:48:46 +0000

Hitachi Energy India Limited has been awarded a significant contract by Power Grid Corporation of India Ltd (POWERGRID) to design and execute a High Voltage Direct Current (HVDC) link that will transmit renewable energy from Khavda in Gujarat to Nagpur in Maharashtra. This project will play a key role in transferring power from one of India’s largest renewable energy zones in Khavda.

The ±800 kV, 6,000 MW bi-pole and bi-directional HVDC link will span over 1,200 kilometers and is part of India’s ambitious renewable energy plans, as it feeds into the 500 GW renewable evacuation and interstate transmission system. The project is designed to ensure the efficient transfer of clean energy over long distances with flexibility for two-way power flow.

The consortium, which includes Bharat Heavy Electricals Limited (BHEL), will deliver essential components such as converter transformers, AC/DC control and protection, gas-insulated high-voltage switchgear, and thyristor valves.

Hitachi Energy’s Managing Director, N Venu, expressed pride in contributing to India’s energy transition, using cutting-edge HVDC technology to integrate renewable energy into the power grid. HVDC technology, which has revolutionized power transmission globally, is crucial for India’s goal of decarbonizing its energy system.

Power Grid Corporation acquires Khavda V-A Power Transmission Limited for Rs 18.95 crore

Matrika Shukla — Tue, 19 Nov 2024 13:08:37 +0000

Power Grid Corporation of India Limited (POWERGRID) has successfully acquired Khavda V-A Power Transmission Limited (KVAPTL) under the Tariff-Based Competitive Bidding (TBCB) route. The acquisition was finalized on November 19, 2024, after POWERGRID emerged as the successful bidder.

KVAPTL, a newly established project special purpose vehicle (SPV), was set up for the development of the transmission system for evacuating power from the potential renewable energy zone in Khavda, Gujarat, under Phase-V (8 GW). The project involves the establishment of 6000 MW, ±800 kV HVDC terminal stations at KPS2 (Gujarat) and Nagpur (Maharashtra), and a ±800 kV HVDC KPS2-Nagpur Bipole line that will traverse approximately 1200 km across Gujarat and Maharashtra.

The acquisition was completed with an aggregate value of about ₹18.95 Crore, including 50,000 equity shares at par (₹10 each) along with the assets and liabilities of the company. The acquisition is subject to adjustments based on the audited accounts of the company as on the acquisition date.

This acquisition marks a significant step in POWERGRID’s continued expansion in the power transmission sector, particularly in the development of infrastructure for renewable energy. KVAPTL was incorporated in October 2023 and has yet to commence commercial operations.

Macquarie initiates coverage on PFC, REC, NTPC and Powergrid; Check target prices

Markets Desk — Tue, 12 Nov 2024 15:39:49 +0000

In its latest report titled “Charging up: Harnessing the benefits of a good cycle,” Macquarie has highlighted the promising outlook for India’s electric utilities and power lenders. With energy transition and security becoming critical priorities, the report notes that electric utilities in India stand to benefit significantly, backed by solid balance sheets that enable increased capital expenditures.

Macquarie sees a favorable environment for loan growth among power lenders, specifically Power Finance Corporation (PFC) and Rural Electrification Corporation (REC), which are positioned for strong returns and maintain healthy balance sheets. These companies are identified as clear plays in the current growth cycle due to their unique positioning in the ecosystem.

The firm has initiated coverage on PFC, REC, Power Grid Corporation of India Limited (PGCIL), and NTPC as major beneficiaries of these tailwinds. Macquarie’s target prices are set as follows:

PFC: Rs 630
REC: Rs 660
NTPC: Rs 475
Power Grid Corporation of India (PWGR): Rs 380

With these target prices, Macquarie underscores the significant growth potential for these companies as they continue to support India’s energy infrastructure transition and security objectives.

Power Grid Corporation of India shares fall nearly 2% after Q2 results miss estimates

Aditya Bhagchandani — Thu, 07 Nov 2024 04:51:32 +0000

Shares of Power Grid Corporation of India Limited (PGCIL) dropped nearly 2% following the announcement of its second-quarter financial results. As of 10:20 am, the stock was trading 1.30% lower at ₹314.35 on the NSE, reflecting investor concerns over missed estimates and a decline in EBITDA.

The state-owned company reported a consolidated net profit of ₹3,793.02 crore for the July-September quarter, remaining almost flat compared to ₹3,781.42 crore in the same period last year. The total income rose to ₹11,845.93 crore, up from ₹11,530.43 crore a year ago. However, the company’s EBITDA fell by 2.1% year-on-year, contributing to the stock’s decline.

In addition, PGCIL’s board approved the payment of a first interim dividend of ₹4.50 per equity share for FY 2024-25. The board also authorized the sale of a 26% residual equity shareholding in four associate companies—POWERGRID Kala Amb Transmission, POWERGRID Parli Transmission, POWERGRID Warora Transmission, and POWERGRID Jabalpur Transmission—to POWERGRID Infrastructure Investment Trust (PGInvIT).

Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. The author or Business Upturn is not liable for any losses arising from the use of this information.

POWERGRID Q2 FY25 Results: Revenue flat at ₹11,277.76 crore, Profit grows marginally to ₹3,793.02 crore

Aditya Bhagchandani — Wed, 06 Nov 2024 11:10:24 +0000

Power Grid Corporation of India Ltd (POWERGRID) has released its financial results for the second quarter of FY 2024-25, showcasing steady performance. The company reported total revenue from operations at ₹11,277.76 crore, reflecting a slight year-on-year decrease from ₹11,267.07 crore in Q2 FY24. On a quarter-on-quarter basis, the revenue marked a growth from ₹11,006.18 crore in Q1 FY25.

In terms of profitability, POWERGRID recorded a net profit of ₹3,793.02 crore for Q2 FY25, which is an improvement over the previous quarter’s profit of ₹3,723.92 crore but a decline from ₹3,781.42 crore in the same period last year.

In addition to its financial results, POWERGRID declared an interim dividend of ₹4.50 per share for FY 2024-25, which will be payable on December 4, 2024. The board also approved the sale of a 26% stake in four of its associate companies to POWERGRID Infrastructure Investment Trust, a move expected to streamline its operational focus and enhance asset efficiency.

POWERGRID’s Q2 FY25 financial metrics, including revenue and net profit:

Metric	Q2 FY25	Q1 FY25	Q2 FY24	YoY Change (%)	QoQ Change (%)
Revenue from Operations	₹11,277.76 Cr	₹11,006.18 Cr	₹11,267.07 Cr	0.09%	2.47%
Net Profit for the Period	₹3,793.02 Cr	₹3,723.92 Cr	₹3,781.42 Cr	0.31%	1.86%

These strategic steps reflect POWERGRID’s commitment to maximizing shareholder value while expanding its operational footprint in India’s energy infrastructure sector.

Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.

Power Grid Corporation wins major inter-state transmission system project

Markets Desk — Tue, 22 Oct 2024 10:37:08 +0000

Power Grid Corporation of India Limited has been declared the successful bidder for a significant inter-state transmission system project. The project, titled “Transmission system for evacuation of power from Rajasthan REZ Phase IV (Part-3: 6 GW) [Bikaner complex]: Part A,” will be established on a build, own, operate, and transfer (BOOT) basis.

The project entails the development of a new 765/400/220kV Bikaner IV Pooling substation equipped with STATCOM and other necessary equipment. Additionally, it includes the construction of a 765kV double-circuit (D/C) transmission line across Rajasthan and Haryana, and various 400kV D/C transmission lines traversing through Rajasthan, Punjab, and Haryana. The project also involves bays extension works at existing substations in Haryana and Punjab.

Power Grid Corporation received the Letter of Intent (LoI) for this project on October 21, 2024. This development is in line with the company’s strategy to enhance the transmission infrastructure and support renewable energy evacuation in India.

Power Grid Corporation shares rise over 4% following Goldman Sachs and Motilal Oswal ‘Buy’ ratings

Aditya Bhagchandani — Wed, 25 Sep 2024 04:03:34 +0000

Power Grid Corporation of India Ltd saw its shares surge over 4% during Wednesday’s trading session, fueled by positive momentum after Goldman Sachs included the stock in its list of 20 buy-rated picks. Along with Power Grid, Goldman Sachs also highlighted other stocks like Havells India, Polycab, Ashok Leyland, Mahindra & Mahindra, and Phoenix Mills.

In addition to Goldman Sachs, Motilal Oswal has issued a buy call on Power Grid Corporation of India with a target price of ₹425. The stock’s current market price is ₹345.4. Motilal Oswal’s optimism is backed by the company’s strong market presence, with a market cap of ₹3,19,801.26 crore, operating in the power sector.

Goldman Sachs’ India strategy note highlighted that the country’s earnings growth has stabilized after a decade-long downturn, making it one of the fastest-growing economies in the medium term. The report also predicted a shift in India’s profit pool towards investment cyclicals like auto, real estate, chemicals, and industrials, with power and new energy sectors expected to see growth.

As of 9:30 am, Power Grid shares were trading 4.06% higher at ₹364.25 on the NSE.

POWERGRID Wins Major Transmission Project for Renewable Energy in Gujarat Under TBCB

Markets Desk — Thu, 19 Sep 2024 13:34:57 +0000

Power Grid Corporation of India Limited (POWERGRID) has been declared the successful bidder under the Tariff Based Competitive Bidding (TBCB) for a significant transmission project in Gujarat. The project, named “Transmission System for Evacuation of Power from Potential Renewable Energy Zone in Khavda Area of Gujarat under Phase-IV (7GW): Part B,” involves the establishment of new transmission infrastructure on a Build, Own, Operate, and Transfer (BOOT) basis.

POWERGRID received the Letter of Intent (LoI) on September 19, 2024, confirming their selection for the project. The scope of the project includes the development of a new 765/400/220kV Gas Insulated Switchgear (GIS) sub-station at a location near South of Olpad, alongside the construction of 765kV and 400kV double circuit transmission lines and associated bay extension works at other existing substations within the state of Gujarat.

This project is a crucial component of the broader initiative to enhance the evacuation of power from renewable energy zones in Gujarat, which is a key area for renewable energy generation in India. The successful bid underscores POWERGRID’s continued leadership in the transmission sector and its commitment to supporting India’s renewable energy goals.

Best Dividend Stocks in India [2024]: Top 10 high-yield stocks for steady income

Arunika Jain — Wed, 15 May 2024 03:00:54 +0000

In 2024, the Indian stock market offers a range of high dividend-paying stocks that can provide investors with a steady income stream and potential for long-term growth. Here is a detailed feature article on some of the best dividend stocks in India for 2024 based on the information gathered from various sources.

Best 10 high dividend-paying stocks in India

Company	Sector	Market Cap (Rs. cr.)	Close Price (Rs.)	Dividend Yield
Coal India Ltd	Mining – Coal	2,76,398.37	448.50	5.74%
Oil and Natural Gas Corporation Ltd (ONGC)	Oil & Gas – Exploration & Production	3,45,328.66	274.50	4.22%
HCL Technologies Ltd	IT Services & Consulting	3,58,000.27	1319.25	3.95%
Power Grid Corporation of India Ltd	Power Transmission & Distribution	2,87,714.18	309.35	3.64%
ITC Ltd	FMCG – Tobacco	5,36,343.63	429.60	3.57%
Infosys Ltd	IT Services & Consulting	5,91,779.10	1425.45	3.23%
Tech Mahindra Ltd	IT Services & Consulting	1,24,542.23	1275.00	2.86%
Hero MotoCorp Ltd	Two Wheelers	1,00,965.21	5050.00	2.86%
Tata Steel Ltd	Iron & Steel	2,05,790.95	162.85	2.15%
Tata Consultancy Services Ltd (TCS)	IT Services & Consulting	14,11,777.75	3902.00	1.85%

Note: The stock prices, market capitalization, and dividend data mentioned in this article are as of May 14, 2024, and are subject to change.

Key takeaways from top dividend-paying stocks

Investors looking for stable income and potential growth opportunities can consider these top dividend-paying stocks in India for 2024. These companies represent a mix of sectors and market caps, offering a diversified portfolio for income-focused investors.

Disclaimer: The information provided in this article is for educational and informational purposes only. Investing in the stock market involves risks, and investors should conduct their own research and consult with a financial advisor before making any investment decisions.

POWERGRID Committee approves investments in key projects

Dimple Gehlot — Wed, 22 Nov 2023 13:33:42 +0000

In a recent development, the ‘Committee of Directors on Investment on Projects’ at POWERGRID has given their approval for investments in key projects. The meeting, held on November 22, 2023, resulted in the approval of two projects.

PowerGrid Corporation of India Limited operates as a central public sector enterprise under the jurisdiction of the Ministry of Power, Government of India. Specializing primarily in the transmission of large-scale power across various Indian states, its headquarters is situated in Gurugram. Notably, Power Grid facilitates the transmission of approximately 50% of the overall power generated in India through its extensive transmission network.

The committee approved the augmentation of transformation capacity at Maheshwaram (PG) Substation in Telangana. The estimated cost for this project is around Rs. 143 crore. It is scheduled to be commissioned within 21 months from the date of intimation, as per the CTUIL letter dated July 10 with the aim of completion by April 9, 2025.

The committee also granted approval for the Transmission System for Evacuation of Power from Potential RE Zone in Khavda Area of Gujarat. The estimated cost for this project is roughly around Rs. 225 crore. The scheduled commissioning is within 24 months from the date of intimation, with a targeted completion by July 9, 2025.

This move underscores POWERGRID’s commitment to enhancing its infrastructure and expanding its capabilities in the power transmission sector. The approvals align with the company’s strategic vision for continued growth and efficiency in its operations.

Power Grid’s Q2 results show an 8% year-over-year increase in total profit of Rs 3,650 crore

Aryan Jakhar — Sat, 05 Nov 2022 08:02:16 +0000

Power Grid Corporation Limited announced on November 5 that its consolidated net profit for the second quarter of FY23 increased by 8% to Rs 3,650 crore from Rs 3,376 crore the previous quarter. Sequentially, the profit decreased by 4% from the Rs 3,801 crore posted in the quarter ending in June.

The state-owned power company’s overall revenue increased by 9% year over year to Rs 11,151 crore from Q2FY22’s revenue of Rs 10,267 crore. In terms of sequence, the revenue increased by 2% from the Rs 10,905 crore reported in the preceding quarter.

Greater asset capitalization throughout the preceding year and the reported quarter both contributed to the growth.

97% of the company’s quarterly revenues, or Rs 10,920 crore, were from the transmission industry. These revenues were up 9% year over year and 2% quarter over quarter.

The earnings (EBIT) for the transmission industry increased by 10% YoY to Rs 6,027 crore from Rs 5,460 crore the previous year. The company’s earnings were unchanged sequentially.

The telecom division, which accounted for 2% of the company’s quarterly revenue, grew by 7% year over year and 8% sequentially. At Rs 77 crore, its earnings decreased 4% year over year but increased 3% sequentially.

Only 1% of the overall revenues came from the consultancy industry, which had a year over year decline of 26% and a quarter over quarter increase of 40% to Rs 141 crore. The segment’s earnings (EBIT) fell 68 percent sequentially and by 60 percent on an annual basis to Rs 38 crore.

The operating margin for the quarter was 88 percent, which was 200 bps lower than the prior quarter and 300 bps lower than the margin of 91 percent attained during the same period last year. The operating margin for the quarter was influenced by a 100 bps rise in labour costs and a 400 bps increase in other expenses as a proportion of revenues.

Due to decreased other revenue and increased finance expenses, the net margin was down 200 basis points sequentially from its year-over-year level of 33 percent.

On Friday, the benchmark Sensex closed 113.95 points or 0.19 percent higher at 60,950.36, while shares of Power Grid settled at Rs 226.15 a share on the BSE. The stock has produced a return of 22% over the previous year and has increased by 8.5% in the past month.

The payment of an interim dividend of Rs. 5 per equity share worth Rs. 10 each (or 50% of the paid-up equity share capital) for the fiscal year 2022–2023 was agreed by the company’s board. The stockholders will receive the aforementioned interim dividend on November 30, 2022.

Sensex gains more than 200 Points, while the Nifty trades over 17,200

Aryan Jakhar — Mon, 01 Aug 2022 04:32:33 +0000

The benchmarks for Indian equities opened higher on Monday, continuing their fourth straight session of gains.

Trends on the Singapore Exchange’s Nifty Futures (SGX Nifty) suggested that the domestic indices would begin cautiously.

As China’s official index of factory activity decreased in July, Asian markets were down.

At home, the broad NSE Nifty advanced 85 points or 0.50 percent to trade at 17,243, while the 30-share BSE Sensex rose 226 points or 0.39 percent to 57,796 in early session.

Mid- and small-capitalization shares performed well, with the Nifty Midcap 100 increasing by 0.27 and 0.32 percent, respectively.

The National Stock Exchange’s 15 sector gauges, which were compiled, were trading up on nine of them. The NSE platform was outperformed by the sub-indices Nifty Auto and Nifty Metal, which increased by as high as 1.34 and 0.84 percent, respectively.

In terms of individual stocks, M&M was the highest Nifty gainer, rising 5.91% to ₹1,229.80. The gainers included Cipla, Maruti, Tata Motors, and PowerGrid.

1,833 equities on the BSE were rising while 787 were falling, indicating a healthy market breadth overall.

M&M Maruti, PowerGrid, Reliance Industries, UltraTech Cement, Bajaj Finance, Wipro, Tata Steel, Dr. Reddy’s, Asian Paints, Bharti Airtel, and HCL Technologies were among the top gainers on the 30-share BSE index.

Additionally, shares of Life Insurance Corporation of India (LIC), the largest domestic financial investor and insurer in the nation, increased 0.37 percent to trade at ₹680.35.

Sun Pharma, IndusInd Bank, Hindustan Unilever, Axis Bank, Titan, and TCS, on the other hand, were all trading at a loss.

On Friday, the Sensex increased by 712 points, or 1.25 percent, to close at 57,570, while the Nifty increased by 229 points, or 1.35 percent, to end the day at 17,158.