Power Stock Breaks Records: Profits Soar, Eyes ₹300 Mark!
Power Grid Surge
The shares of Power Grid Corporation of India Limited are currently the center of attention in the market, where their growth has surprised everyone. With an increase of over 7% on the BSE today, the company’s shares reached an intra-day high of ₹287.85. The significant results for the December quarter have played a crucial role in boosting the profit of this PSU power company.
Behind this surge, Power Grid Corporation’s net profit increased by 10.5 percent to a record high of ₹4,028 crore for the third quarter (October-December, 2023), up from ₹3,645.3 crore in the same quarter last year. According to the company, the increase in revenue has also increased its profit.
This energy company’s outstanding results have emerged not only as a serial option in the market but have also made a significant contribution to the progress of the Indian energy sector.
Company Announcement: Increase in Revenue and Interim Dividend
The company informed the stock market on Wednesday that its total revenue for the quarter in question increased to ₹11,819.70 crore, up from ₹11,530.22 crore in the same quarter of the previous fiscal year. Through this information, the company has demonstrated the strength of its financial position.
It was also announced that the company’s board of directors approved the payment of a second interim dividend of ₹4.50 per equity share of ₹10 for the fiscal year 2023-24, to be given on March 5, 2024. This announcement is a commendable example of the company’s high-level decisions, which further boosts investors’ confidence. Moreover, it shows the company’s commitment to strengthening and sustaining its performance.
Power Grid Shares’ Upsurge Potential
The possibility of an upsurge in Power Grid’s shares is becoming a major topic of discussion in the market. Brokerage firm Citi has advised buying Power Grid shares with a target price of ₹300. Over the past month, Power Grid’s shares have seen an increase of up to 17%.
In a six-month period, the share has jumped by 56%, and by 77% over the past year. The company’s 52-week high price is ₹289.45, and the 52-week low price is ₹157.88. The company’s market cap is ₹2,63,346.60 crore, showcasing its vast presence.
If you are considering investing, Power Grid shares might be worth contemplating. Given its recent surge, investing in it could strengthen and stabilize your investment portfolio. With signs of stability in the market, do not overlook this opportunity and move forward with reliable investment decisions.
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