From CNBC TV18: 2024-05-02 05:41:25

Shares of Power Grid Corporation of India hit an all-time high of ₹317.25, surging 5% in intra-day trade for the third consecutive session. Goldman Sachs gave a ‘buy’ rating with a ₹355 target price, stating the company can fund 30% of the country’s grid capex estimates for fiscal years 2024-2032 while maintaining dividend payouts.
In the third quarter ending December 31, 2023, Power Grid reported a 10.5% YoY increase in net profit at ₹4,028.3 crore, with revenue increasing by 2.6% to ₹11,549.8 crore. The company declared an equity dividend of 187.50%, or ₹18.75 per share, for the year ending in March 2023.
Power Grid’s share price surged over 32% year-to-date, with a one-year return of nearly 75%. The company has a strong dividend history, with the latest interim dividend being announced on February 15, 2024, at 45%.



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