BOM:532898

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.