Power Grid Share: Shares of Power Grid Corporation today, Monday, June 3, rose 12 percent to trade at Rs. 346.90 reached a record high. PSU stocks have surged following the exit poll results. Power Grid has a market cap of Rs. 3 lakh crore mark has been crossed. Let us tell you that after State Bank of India (SBI), NTPC and others, this is one of the few government companies whose market cap is above this level. In fact, in the exit polls, BJP’s alliance NDA is getting majority and getting huge seats. After this, a record rise is being seen in the stock market today. Along with this, PSU shares are also seeing an increase.
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Market analysts suggest that the rise in stocks related to the government’s economic agenda such as Adani Group shares, PSU company shares including infra, energy are expected to continue in the future. Let us tell you that the government has a 51.34 percent stake in the power grid, which is valued at over Rs 1.6 lakh crore at the intraday high.
March quarter results
Power Grid last month reported a 2.5 percent year-on-year decline in its revenue for the quarter ended March 2024, while its net profit fell 2.1 percent year-on-year. Power PSUs’ EBITDA margins also declined by 600 basis points over last year. However, CLSA has paid Rs. It maintained its “outperform” rating on the stock with a target price of 345. The brokerage called FY24 a year of market share growth for power grid.
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Expert opinion
Bloomberg data shows that of 21 analysts covering Power Grid, 13 have a “buy” rating, one has a “hold” call, while another seven recommend a “sell.” The stock has gained 43 percent so far this year, outperforming the benchmark Nifty 50, which has risen nearly 7 percent over the period. Over the past 12 months, the stock has returned a handsome 93 percent, nearly doubling investors’ money.