PowerGrid Q3 results today; stock inches higher, among top Nifty50 gainers
PowerGrid Share Price: The stock of the PSU power transmission company jumped by around Rs 8 or four per cent to Rs 220.2 apiece at the strongest level of the day on BSE.
PowerGrid shares inched higher amid overall volatility on Dalal Street on Tuesday, as investors awaited the state-run power transmission company's financial results for the October-December period. The company will report its corporate earnings for the third quarter of the current financial year later in the day.
The PowerGrid stock jumped by around Rs 8 or four per cent to Rs 220.2 apiece at the strongest level in intraday trade on BSE. PowerGrid shares were the top gainers in the Sensex and Nifty50 basket for much of Tuesday's session so far.
What to expect in PowerGrid Q3 results
According to Zee Business research, PowerGrid is estimatd to report a nine per cent year-on-year increase in net profit to Rs 3,580 crore for the quarter ended December 2022.
Also Read: Top Gainers & Losers: Bajaj Finance shines on Q3 beat, PowerGrid gives in to selling pressure
The state-run power company's quarterly revenue is expected at Rs 10,798 crore, up 3.4 per cent compared with the corresponding period a year ago, according to the research.
The analysts peg PowerGrid Corporation's margin — a key measure of profitability for a business — at 85 per cent for the third quarter of the year ending March 2023, as against 87.3 per cent for the year-ago period.
PowerGrid Share Price History
At 1 pm, the PowerGrid scrip was up 3.5 per cent at Rs 219 apiece on BSE, outperforming the headline indices Sensex and Nifty, which were down 0.2 per cent each.
Also Read: PowerGrid Q3 Results Preview: Net profit likely to rise 9% to Rs 3,580 crore; margin may drop by 230 bps
PowerGrid shares have gained two per cent in value in the past six months, a period in which the 30-scrip index has risen 2.5 per cent.
Antique Stock Broking has a 'buy' rating on the PowerGrid stock with a target price of Rs 257 per share — implying upside potential of around 21 per cent from its closing price on Monday.
Follow this link for LIVE stock market action, and latest updates on Economic Survey and Union Budget here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.