Power Grid Corporation share price gains 3%

PowerGrid

Power Grid Corporation of India share price added 3 percent on June 18 a day after company declared its March quarter results.

The company reported 6.4 percent jump in its March quarter consolidated net profit to Rs 3,526.23 crore against Rs 3,313.47 crore in the same quarter last year.

The company board has recommended issue of bonus shares in the ratio of 1:3 i.e. 1 new equity bonus share of Rs 10 each for every 3 existing equity share of Rs 10 each fully paid up share held by the shareholders, subject to approval of the shareholders of the company.

The company’s board also recommended a final dividend of Rs 3 per share (i.e. at 30% on the paid up equity share capital) for the financial year 2020-21.

Foreign broking house CLSA has maintained buy on the stock with a target at Rs 275 per share.

News source:- Moneycontrol

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