This State-Owned Stock Hits New All-Time High Today; Zooms 18% in 3 Weeks

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This State-Owned Stock Hits New All-Time High Today; Zooms 18% in 3 Weeks
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the state-owned electric utility company Power Grid (NS: PGRD ) Corporation of India surged 3.31% to hit a new all-time high of Rs 214.05 at 12:45 pm on Thursday. The stock has been hitting new lifetime highs at regular intervals.

The Rs 1.49 lakh crore market capitalization stock has a robust project pipeline of Rs 27.5 crore, which provides a strong earnings outlook for the company in the upcoming 2-3 years. It has also capitalised an approximate sum of Rs 22,932 crore in the previous four quarters.

Power Grid Corp has gained 18% in the last three weeks, way ahead of BSE Sensex which has declined almost 2% in this while. It commissioned the entire Raigarh-Pugalur 6,000 MW HVDC System on Oct 25, states a Business Standard report.

For the September-ending quarter, the state-owned company has recorded a standalone PAT of Rs 3,338 crore, up 7% YoY, while its consolidated asset capitalisation for the quarter grew strongly by 35.3% to Rs 7,633 crore sequentially.

Domestic brokerage Sharekhan has a ‘Buy’ rating on the Power Grid stock with a target price of Rs 217/share. It estimates the company’s PAT CAGR of 12% by FY24 and return on equity (ROE) of nearly 19.3% by FY24, as per the report.

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