Power Grid Corporation of India spurted 7.81% to Rs 110.45 at 10:35 IST on BSE after the National Stock Exchange announced inclussion of the stock in the S&P CNX Nifty index from 14 March 2008 in place of Bajaj Auto.
Meanwhile, the BSE Sensex was up 309.53 points, or 1.74%, to 18,115.72, tracking advances in Asian markets after weak US economic data and comments from a Federal Reserve official signalled that US interest rates will continue to head lower.
On BSE, 37.81 lakh shares of the scrip were traded. The stock had an average daily volume of 34.46 lakh shares on BSE in past one quarter.
The scrip had touched a high of Rs 113.75 and a low of Rs 105 so far during the day. The stock had hit a 52-week high of Rs 167.45 on 19 November 2007 and a 52-week low of Rs 80 on 22 January 2008.
The scrip had underperformed the market in the one month to 26 February 2008, sliding 12.51% as against the Sensex's 1.91% decline. It had also underperformed the market in the past three months, skidding 29.97% against the Sensex's 5.98% slide.
The state-run power transmission firm has an equity capital of Rs 4208.84 crore. Face value per share is Rs 10.
At the current price of Rs 110.45, the scrip trades at a PE multiple of 30.26, based on Q3 December 2007 annualised EPS of Rs 3.65.
The net profit of Power Grid Corporation of India rose 13.9% to Rs 384.28 crore on 17.6% rise in sales to Rs 1085.77 crore in Q3 December 2007 over Q3 December 2006.
Power Grid Corporation of India owns and operates most of India’s interstate and inter-regional electric power transmission system.
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