(updated - 09 Feb 2012)
Stock Updates
PowerGrid net jumps 37% to Rs 809 crore
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Central transmission utility PowerGrid Corp today reported 37% jump in net profit at Rs 809.23 crore for the quarter ended December 31.
The company posted profit of Rs 591.19 crore during the same quarter of last financial year, PowerGrid Corp said in a filing to the BSE.
Revenues of the company grew over 20% at Rs 2,466.62 crore, as against Rs 2,052.12 crore in the October-December quarter of 2010-11.
Rashtriya Ispat Nigam (RINL), the holding company of Visakhapatnam Steel Plant (VSP), and PowerGrid Corp signed an MOU in December 2011 to set up a joint venture company.
The new company will manufacture transmission line towers and their parts, and also undertake research and development of high-end products.
The JV will bring synergy between the producer (RINL) and user (PowerGrid).