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PowerGrid rises on post-results commentary
Shares of Power Grid Corporation India (PGCIL) today surged to its 52-week high level on the bourses and settled for the day with gains of over 4 per cent, adding Rs 3,871 crore to its market capitalisation. PGCIL has announced plans to raise up to Rs 4,000 crore in its third round of fund raising through domestic bonds by September to meet its working capital expenditure.
Moreover, the Navratna company reported 33 per cent growth in standalone net profit at Rs 1,801.77 crore for the quarter ended June 30 helped by higher income from operations. Besides, brokerage firms have also reportedly noted that the project execution of the company is good and earnings outlook also remains robust.
Reacting to these developments, shares of the company opened on a bullish note and surged 5.12 per cent to touch an intra—day high of Rs 183.50 on BSE. At the end of today’s trade, the stock was at Rs 181.95, up 4.24 per cent over its previous closing price. Following the uptrend, the market capitalisation of the company improved by Rs 3,871.37 crore to Rs 95,188.77 crore.
Similar movement was seen on NSE as well where the stock opened at Rs 177, then surged to its 52-week high level of Rs 183.20 and finally ended the day at Rs 182. Meanwhile, in the first four months (April—July) of this fiscal, PGCIL has added 2,374 ckm of transmission lines and six substations with aggregate transformation capacity of 10,815 MVA.
Bharti Airtel jumps on Singtel investment
Shares of Bharti Airtel today settled for the day with gains of over two per cent, following which market capitalisation of the company surged by Rs 2,858 crore. Singapore Telecommunications (Singtel) today said it will buy 7.39 per cent stake in Bharti Telecom, the holding company of India’s largest telecom firm Bharti Airtel, for USD 659.5 million (over Rs 4,400 crore).
Following the announcement, shares of Bharti Airtel witnessed an uptrend and surged 2.43 per cent to touch an intra—day high of Rs 353.65 on the BSE. At the end of the day’s trading session, the stock settled at Rs 352.40, up 2.07 per cent on the BSE.
Market capitalisation of the company jumped by Rs 2,858.14 crore to Rs 1,40,868.38 crore.
Similar movement was witnessed on the NSE as well where the stock opened at Rs 348.40, then touched an intra—day high of Rs 353.90 and finally settled at Rs 353.15.
Singtel will acquire Temasek’s 7.39 per cent stake in Bharti Telecom and another 21 per cent stake in Thai telecom firm Intouch Holdings PCL for a total consideration of 2.47 billion Singapore dollar (USD 1.8 billion).
Of this, it will pay Temasek Singapore dollar 884 million (USD 659.51 million), for the stake in Bharti Telecom.
Bharti Telecom holds 45.09 per cent in Mumbai—listed Bharti Airtel Ltd. The Mittal family has 51 per cent stake in Bharti Telecom while Singtel held 39 per cent stake. Temasek held 7.39 per cent, which it is now transferring to Singtel.
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