Benzinga - Power Grid (NS:PGRD) was declared the successful bidder for an Inter-State transmission system in Gujarat, sending shares higher on Tuesday.
What Happened: The company won the bid to develop transmission system for at two Khavda pooling stations on a build, own, operate and transfer basis, the company said in a regulatory filing.
The project also involves developing static synchronous compensator (STATCOM) at the pooling stations.
The new project is the latest for Power Grid, which has won multiple orders recently. Previously the company won a letter of intent to establish new 765/400/220 kilovolt substation at Kurawar and for constructing a 765-kilovolt and 400-kilovolt double-circuit transmission line in Madhya Pradesh.
Global brokerage Jefferies maintained a "buy" call on the stock and gave it target price of ₹390.
Power Grid had won another project in Gujarat in early September. The company emerged as a successful bidder for developing an Inter-State transmission system for the "augmentation of transformation capacity at Jam Khambhaliya PS (GIS)".
Price Action: Shares of Power Grid rose 0.70% to ₹343.55 on Tuesday morning.
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