Shares of Gurugram-based electric utility, Power Grid Corporation of India, rose a whopping 3.3 percent to an intraday high of Rs 181.90 after the after-market company said on Wednesday the board had approved a proposal to equity in a joint venture with National Thermal Power Corporation (NTPC), Power Finance Corporation (PFC) and Rural Electrification Corporation (REC).
Power Grid will contribute Rs 425 crore to its Energy Efficiency Services Limited (EESL) joint venture. Energy Efficiency Services Limited is a joint venture between Power Grid, NTPC, PFC and REC.
EESL is a super Energy Service Company (ESCO), empowering consumers, industries and governments to effectively manage their energy needs through energy efficient technologies. EESL implements the world’s largest energy efficiency portfolio in sectors such as lighting, buildings, electric mobility, smart metering, agriculture, etc. at a scale that no organization has been able to achieve, the company said.
Meanwhile, Power Grid also released its June quarterly results. The consolidated net profit in the June quarter increased almost three-fold to Rs 5,998 crore compared to a profit of Rs 2,948 crore in the same period last year. Power Grid’s revenue from operations rose 6 percent to Rs 10,337 crore.
During the quarter, the group made money from five of its subsidiaries, namely Powergrid Vizag Transmission Limited, Powergrid Kala Amb Transmission Limited, Powergrid Jabalpur Transmission Limited, Powergrid Warora Transmission Limited and Powergrid Parli Transmission Limited through Power Grid Infrastructure Investment Trust, the company said. exchange in a deposit.
As of 11:20 am, Power Grid shares were trading 2.8 percent higher at Rs 181, outperforming the Nifty, which was up 0.33 percent.