Power Grid Corp rises on post-results commentary

NEW DELHI: Shares of Power Grid Corp of India rose as much as 2.98 per cent in Thursday’s trade on BSE after Nomura analysts said the management commentary at the analyst meet suggested that “project execution remained top notch and the earnings outlook robust.”

It was the top per cent gainer in the Nifty pack in the first two hours of trade

"They dispelled the notion that capitalization has been weak... Their capital expenditure is also on track," said Misal Singh, director of institutional research, Religare Capital Markets.

June quarter profit of the company came in at Rs 1,802 crore ($269.68 million), which beat consensus forecast of Rs 1,626 crore. The stock touched a record high of Rs 183.10 on Tuesday before the June quarter earnings.