BOM:532898

Power Grid Corp. of India Acquires Krishnagiri REZ Transmission Project SPV

Power Grid Corp. of India (BOM:532898, NSE:POWERGRID) acquired Krishnagiri REZ Transmission, the special purpose vehicle for the Transmission System for Integration of Krishnagiri REZ Phase-I, according to an exchange filing on Monday.The state-owned utility acquired the project SPV from PFC Consulting for about 198.2 million rupees after emerging as the successful bidder under the tariff-based competitive bidding process.The project involves setting up two 765/400-kV substations in Andhra Pradesh and constructing 765-kV and 400-kV transmission lines across Andhra Pradesh, Telangana, and Karnataka.

Power Grid Corporation of India Secures Inter-State Transmission Project

Power Grid Corporation of India (BOM:532898, NSE:POWERGRID) has been declared the successful bidder under the tariff-based competitive bidding process for an inter-state transmission project, according to a filing on Friday.The company received a letter of intent for the project to install two synchronous condenser units at the 765/400/220 kV Fatehgarh-II power station on a build-own-operate-and-transfer basis.The project includes the installation and commissioning of the two synchronous condenser units along with associated bays.

JM Financial Institutional Securities Downgrades Power Grid of India to Add From Buy; Price Target is INR310

Power Grid of India (NSE:POWERGRID, BOM:532898) has an average rating of overweight and mean price target of 328.82 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Power Grid Corp. of India Wins Transmission Project

Power Grid Corp. of India (NSE:POWERGRID, BOM:532898) has been declared the successful bidder for an inter-state transmission project involving augmentation at Bhadla-III, Ramgarh PS and Kanpur.The project will be developed on a build, own, operate and transfer (BOOT) basis, according to a stock exchange filing on Thursday.

Market Chatter: Japanese Investors Led by JBIC to Extend Up To 80 Billion Yen Financing for Power Grid Project in India

State-backed Japan Bank of International Cooperation, along with other investors, including Sumitomo Mitsui Banking Corp, is said to be extending financing up to 80 billion yen to develop a power grid in India, according to a Nikkei report on Thursday quoting sources.As per the report, the Japanese investors will provide syndicated financing for a high-voltage direct current (HDVC) transmission project being developed by the Power Grid Corporation of India (NSE:POWERGRID, BOM:532898).The project is expected to start operations in 2029.The announcement for the project is expected to be made on Thursday during Japanese Prime Minister Sanae Takaichi's visit to India and meeting with her counterpart, Indian Prime Minister Narendra Modi.Japan Bank of International Cooperation and Sumitomo Mitsui Banking did not immediately respond to' request for a comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Power Grid Corp. of India Names CFO

Power Grid Corp. of India (NSE:POWERGRID, BOM:532898) appointed Venkata Subrahamanayam Vallurie as chief financial officer, effective July 1, according to a stock exchange filing.Vallurie currently serves as chief general manager (Finance & Accounts) at the company.

Power Grid Corp. of India CFO Retires

Power Grid Corp. of India (NSE:POWERGRID, BOM:532898) said Ravisankar Ganesan has retired as director (finance) and chief financial officer upon attaining the age of superannuation on June 30, according to a stock exchange filing on Wednesday.

Power Grid Corp. of India Commissions Gujarat Transmission Expansion Project

Power Grid Corp. of India (NSE:POWERGRID, BOM:532898) has commissioned the "Transmission Network Expansion in Gujarat to Increase ATC from ISTS, Part-B" project, according to a Wednesday filing on Indian bourses.Shares of the company fell nearly 1% in Thursday's trade.The project was commissioned effective May 13, while confirmation of the declaration of commercial operation (DOCO) was received on June 3, the company said in the filing.

Market Chatter: India's Bank Lending Hits Two-Year High as Firms Choose Loans Over Bonds as Financing Sources

Bank lending in India grew 16.2% year-on-year through May 15, marking the fastest pace of growth since June 2024 as companies chose bank loans over bonds, owing to their lower borrowing costs, Bloomberg News reported Thursday.Local bond sales over the same period declined 11% to 10.9 trillion rupees. This could be a result of higher sovereign bond yields because of the U.S.-Iran war, which led the yields to rise 38 basis points to 7.04% since the conflict began, the report said.The higher benchmark bond yields have raised corporate borrowing costs, lowering firms' demand for bonds, despite speculations that the Reserve Bank of India will keep its interest rates steady on Friday, it said.Muthoot Microfin (BOM:544055, NSE:MUTHOOTMF) has moved nearly 50% of its funding to bank loans, lowering borrowing costs by roughly 75 basis points, the company's Chief Executive Officer Sadaf Sayeed said in an interview.State-run power transmission firm Power Grid Corporation of India (BOM:532898, NSE:POWERGRID) also secured a credit facility of up to 40 billion rupees from State Bank of India (NSE:SBIN, BOM:500112), the report said.Shares of Power Grid Corporation of India rose nearly 1% in recent trade, while those of State Bank of India added about 2%.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Indian Equities Rise Tuesday Backed by IT Surge, Trade Talk Optimism

Indian equities rose on Tuesday, turning from four days of losses, supported by a robust end-of-day surge in major IT stocks and high hopes of successful U.S.-India trade negotiations.The BSE Sensex jumped 0.5%, or 382.5 points, to finish Tuesday's session at 74,649.84. Likewise, the NSE Nifty 50 climbed 0.4%, or 100.95 points, to 23,483.55.Investor sentiment improved on hopes of relief from US tariffs following talks between the two nations scheduled for June 2, 3, and 4, according to Business Standard.Additionally, IT heavy-weights led the day's gainers. Tata Consultancy Services (NSE:TCS, BOM:532540), Infosys (NSE:INFY, BOM:500209), and HCL Technologies (NSE:HCLTECH, BOM:532281) closed around 7%, 6%, and 4% higher on Tuesday.The top losers were NTPC (NSE:NTPC, BOM:532555), Axis Bank (NSE:AXISBANK, BOM:532215), and Power Grid Corporation of India (NSE:POWERGRID, BOM:532898), falling about 3%, 2%, and 1% at they day's close.In corporate news, Vedanta's (NSE:VEDL, BOM:500295) shares closed over 1% lower after India's financial investigation agency raided the mining company's premises over alleged foreign exchange violations.The searches were conducted to facilitate an investigation under the Foreign Exchange Management Act, First Post reported.

Jefferies Adjusts Power Grid of India's Price Target to INR340 from INR325, Keeps at Buy

Power Grid Corporation of India Gets Board Nod to Raise Up To INR40 Billion

Power Grid Corporation of India (NSE:POWERGRID, BOM:532898) has received board approval to raise up to 40 billion Indian rupees from the State Bank of India, according to a Thursday filing to the Indian stock exchanges.The funds will be raised through an unsecured rupee term loan or line of credit from the lender.The company's shares were down nearly 1% in recent trade.