Power Grid declared successful bidder for 2 projects, shares spike nearly 2%
Shares of Power Grid Corporation of India spiked nearly 2 percent on July 31 after the company was declared a successful bidder for a host of inter-state transmission system projects.At 9:29am, Power Grid Corporation was quoting Rs 261.90, up Rs 3.65, or 1.41 percent, on the BSE.The projects include transmission system for evacuation of power from REZ in Rajasthan (20GW) under Phase III Part B1. The job comprises setting up a 765/400/220 kV pooling station at Bhadla-3 and a 765 kV D/C transmission line traversing in Rajasthan and associated bay extension works.Another project is for transmission scheme for a solar energy zone in Ananthpuram (Ananthapur) (2500 MW) and Kurnool (1,000 MW), Andhra Pradesh. It involves building a 400/220 kV pooling station at a suitable border location between Ananthpuram and Kurnool (in Andhra Pradesh) and setting up two 400 kV D/C transmission lines traversing in Andhra Pradesh and associated bay extension works.A meeting of the board of directors of the company is scheduled later today to consider the unaudited financial results of the company for the quarter ended June 30, 2023 and declaration of bonus shares subject to approval of shareholders of the companyThe board will also consider raising up to Rs 12,000 crore from domestic market through issue of secured / unsecured, non-convertible, non-cumulative/cumulative, redeemable, taxable / tax-free debentures/bonds under private placement during the financial year 2024-25 in one or more tranches.The company’s board had earlier this month approved the implementation of advanced metering infra projects worth Rs 4,067.3 crore and revised investment proposal for establishment of a pilot data centre at Manesar substation at a cost of Rs 713.83 crore.Apart from this, the board approved transfer of the telecommunications business undertaking of holding company to subsidiary Power Grid Teleservices.
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