Power Stock, Power Grid shares: Power Grid Corporation of India Limited shares rose nearly 5% to a record high of ₹366.25 on Wednesday. This was its 52-week high price. The Ministry of Power has finalized the National Electricity Plan (NEP) 2023-2032 for central and state transmission systems.
The total cost of the National Electricity Scheme is Rs 9.15 lakh crore. The scheme aims to meet the growing energy demand. Let us tell you that LIC also has a large stake in the company. LIC holds 21,40,66,996 shares of Power Grid i.e. 2.30 percent stake.
Brokerage opinion
Domestic brokerage firm Motilal Oswal has started coverage on the stock with a ‘buy’ rating on the power company’s shares. The brokerage firm has set a target price of Rs 425 on this stock. At the same time, global brokerage firm Goldman Sachs considers the National Electricity Scheme to be positive for asset developers, especially Power Grid.
GS has maintained a ‘buy’ rating on the stock with a target price of ₹370 per share. Goldman Sachs expects Power Grid to be the biggest beneficiary of over $500 billion. India’s largest transmission asset developer is playing on the grid capex supercycle with a large balance sheet, the brokerage said.
Company Shares
Shares of state-run Power Grid hit a 52-week high of ₹366.20 today. Power Grid’s market cap has risen to ₹3.38 lakh crore. The shares started their upward movement in September 2020 and have continued to climb steadily without any significant pullback. The stock has risen from ₹91.40 to the current trading price in this period.
