New Delhi, February 4 (PTI) — Shares of Power Grid Corporation of India witnessed a recovery on Tuesday, closing nearly 1% higher after an early dip triggered by the company’s quarterly earnings report.
During the morning session, the stock had fallen by more than 4%, following the announcement of a 4% decline in its consolidated net profit for the December 2024 quarter. The state-owned utility company reported a profit of Rs 3,861.63 crore, compared to Rs 4,028.25 crore in the same quarter last year.
Despite the initial setback, Power Grid’s stock managed to claw back losses, ending 0.65% higher at Rs 285.75 per share on the Bombay Stock Exchange (BSE). The stock had briefly slipped to Rs 272.30 during intra-day trade. On the National Stock Exchange (NSE), it finished at Rs 285.25 per share, marking a gain of 0.51%. The stock had dipped to Rs 272.10 at its lowest point during the session.
In terms of trading volume, 6.35 lakh shares were exchanged on the BSE, while the NSE saw a much higher volume, with 198.36 lakh shares changing hands.
Meanwhile, the broader equity market posted strong gains, with the BSE Sensex soaring by 1,397.07 points, or 1.81%, to close at 78,583.81. The NSE Nifty surged by 378.20 points, or 1.62%, to end at 23,739.25.
In its earnings filing, Power Grid Corporation noted a slight dip in its total income for the quarter, which fell to Rs 11,743.06 crore from Rs 11,819.70 crore in the same period the previous year. However, the company managed to reduce its expenses to Rs 6,828.65 crore from Rs 7,076.49 crore in the corresponding quarter of the last fiscal year.
