Power Grid Corporation of India , a key player in the Indian power transmission sector, witnessed significant block trades on the National Stock Exchange (NSE) recently. The transactions, collectively valued at over Rs. 221.00 crores, involved a substantial number of shares changing hands.

Block Trade Details

Three notable block trades were executed on the NSE:

Market Implications

Block trades of this magnitude often attract attention from market participants and analysts. Such transactions can sometimes indicate significant investor interest or strategic moves by large shareholders. However, the specific reasons behind these block trades and the parties involved have not been disclosed in the available information.

Recent Developments

In a separate development, Power Grid Corporation secured a contract to establish an inter-state transmission system across Uttar Pradesh and Madhya Pradesh. The company received the Letter of Intent on September 16 under tariff-based competitive bidding. The project includes setting up a 765 kV sub-station at Prayagraj and transmission lines across both states to strengthen the inter-regional transmission system.

Despite this project win, the company's shares fell 0.64% to Rs. 286.50 on NSE.

Financial Performance

Power Grid Corporation's recent financial results showed mixed performance:

• Net profit rose 7.1% to Rs. 3,653.00 crore, but missed estimates of Rs. 3,784.00 crore.
• Revenue declined 1.4% to Rs. 9,928.00 crore, falling short of Rs. 11,147.00 crore expectations.
• EBITDA dropped 7.2% to Rs. 8,117.00 crore with margins narrowing to 81.76% from 86.85%.
• Transmission revenue remained flat at Rs. 10,695.00 crore.
• Consultancy revenue doubled to Rs. 405.90 crore.
• Telecom revenue increased 18% to Rs. 289.50 crore.

About Power Grid Corporation

Power Grid Corporation of India is a state-owned electric utilities company and operates as India's largest electric power transmission utility. The company plays a crucial role in the development and operation of national power grids, facilitating the transfer of electricity across different regions of the country.

Power Grid Corporation of India Limited (POWERGRID), a leading electric power transmission company, has made two significant announcements that are likely to interest investors and stakeholders.

Scheduled Board Meeting for Q1 FY2023 Results

POWERGRID has scheduled a Board of Directors meeting on August 8, 2022, to consider and approve the unaudited financial results for the quarter ended June 30, 2022. The Audit Committee will review the results before they are presented to the board for approval.

In line with regulatory requirements, the company's trading window, which closed on June 30, 2022, will remain closed until August 10, 2022. It is set to reopen on August 11, 2022, allowing for trading to resume after the financial results are made public.

Successful Bid for Major Transmission Project

In a separate development, POWERGRID has been declared the successful bidder for a significant inter-state transmission system project. The company received the Letter of Intent (LoI) for the project titled "Transmission system for evacuation of power from Pumped Storage Projects in Sonbhadra District, Uttar Pradesh."

The project, awarded under the Tariff Based Competitive Bidding (TBCB) process, will be executed on a Build, Own, Operate and Transfer (BOOT) basis. It includes the following key components:

1. Establishment of a new 765/400kV Pooling Sub-station
2. Bay extension works at other upcoming sub-stations
3. 765kV transmission line works in Uttar Pradesh

This project is expected to enhance POWERGRID's transmission infrastructure in Uttar Pradesh and contribute to the efficient evacuation of power from pumped storage projects in the Sonbhadra district.

As POWERGRID continues to expand its portfolio and prepare for the release of its quarterly results, investors and industry observers will be keenly watching for further developments from this key player in India's power transmission sector.