Shares of Power Grid Corporation of India, a state-owned power transmission company, remain in focus today amid a slew of positive developments. In three separate releases, the 'Maharatna' company informed exchanges that it has acquired two special purpose vehicles (SPV), and has commissioned a 500 MW wind power project in Tamil Nadu. Adding to it, the company also announced that a meeting of its “Committee of Directors for Bonds” is scheduled on December 29, 2023, to consider the issue of taxable bonds under private placement.
Reacting to the news, Power Grid shares opened higher for the second straight session at ₹235, up 0.7% against the previous closing price of ₹233.30 on the BSE. In the early trade, the PSU stock gained as much as 1.1% to ₹235.85, while the market capitalisation rose to ₹2.18 lakh crore.
Power Grid shares have witnessed a decent rally in the recent past, with the share price rebounding nearly 53% from its 52-week low of ₹153.34 on January 9, 2023, to hit a fresh 52-week high of ₹238 on December 15, 2023. The power heavyweight has risen 46% on year-to-date (YTD), while it added 26% in the past six months. In the last one month, the counter added nearly 12%.
In a post market release on December 26, Power Grid said that it has commenced commercial operations at its 500 MW wind energy zone in Tamil Nadu. “It is to inform that project under “Evacuation of RE in Tirunelveli and Tuticorin wind energy zone (Tamil Nadu) 500 MW” has been commissioned with effect from December 24, 2023 for which notification for commercial operation (DOCO) has been received on December 26, 2023,” the company said in a release.
In two separate releases, the company announced that it acquired two SPVs - Vataman Transmission and Koppal II Gadag II Transmission - under tariff based competitive bidding conducted by PFC Consulting.
The Koppal II Gadag II Transmission Ltd (KIIGIITL) has been acquired to establish a transmission system for integration of renewable energy zone (Phase-II) in Koppal-II (Phase-A & B) and GadagII (Phase-A) in Karnataka', on build, own, operate and transfer (BOOT) basis.
“The project comprises establishment of a new 765/400kV Koppal- II Pooling Station; a new 400/220kV Gadag- II Pooling Station; 2 nos. of 765kV D/c transmission lines traversing in the state of Karnataka; 400kV D/c transmission line traversing in the state of Karnataka as well as associated bay extension works at Narendra and Raichur Substations,” the release notes.
On the other hand, Vataman Transmission Limited (VTL) has been acquired to establish a transmission system for evacuation of an additional 7 GW of RE power from Khavda RE park under Phase III Part B, on BOOT basis. “The Project comprises establishment of a new 765/400kV switching station at Vataman in Ahmedabad district, 3 nos. of 765kV D/c transmission lines (including a LILO line) traversing in the state of Gujarat as well as extension works at Navsari and Halvad substations,” it says.
Meanwhile, a meeting is scheduled on December 29 to consider the issue of unsecured, non-convertible, non-cumulative, redeemable, taxable bonds as “POWERGRID Bond - LXXV (75th) Issue” (NCD) under private placement.
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