1:3 Bonus Issue, 4.38% Dividend Yield: Maharatna PSU To Mull Fundraising, Buy For TP Rs 298

Large cap Maharatna Power sector PSU Power Grid Corporation Of India informed today about its upcoming meeting scheduled to be held on April 17, 2024 to consider fundraising. Last trading price of Power Grid Corporation share on BSE is Rs 275.20 per share with intraday decline of 2.57%. The PSU has a market capitalisation of Rs 2,55,952.62 crore. In last 1-year, Power Grid Corporation shares gave return of 62% and 143% in last 3-years. Check more details below:

Power Grid Corporation To Consider Fundraising: As per the regulatory filing of the company, "a Meeting of "Committee of Directors for Bonds" is scheduled to be held on 17.04.2024 to consider issue of Unsecured, Non-Convertible, Non-Cumulative, Redeemable, Taxable POWERGRID Bond Issue(s) during FY 2024-25 in one or more tranches/ series upto Rs. 12,000 Crore on private placement."

Power Grid Corporation Share Performance & Return: The 52-week high price of Power Grid Corporation shares on BSE is Rs 298.95 per share (as on 07/03/2024) and 52-week low price is Rs 170.21 per share (as on 12/04/2023), respectively. Power Grid Corporation shares declined a little over 3% in last 1-month, gave return of 37% in last 6-months, zoomed 57% in last 2-years, witnessed a rally of 143% in last 3-years. In last 1-years, the scrip surged 354%.

Should You Buy Power Grid Corporation Shares? Sumeet Bagadia of Choice Broking said Power Grid share demonstrated robust technical performance. The PSU reflected a prominent rebound from the support zone around 258 levels, consolidating within the range of Rs 268 to Rs 258 levels.

The analyst suggested that investors must look for any potential dips in the stock, particularly around the Rs 267 level, as favorable buying opportunities. Additionally, the momentum indicator has reflected positive momentum, with the Relative Strength Index (RSI) currently at 52.45 levels, further affirming the stock's strength. "Based on the above analysis we recommend buying Power Grid shares at CMP of ₹276.90, It can also be added on dips near to Rs 267 levels with a stop loss of Rs 258 for the target of Rs 298 and above, added Sumeet Bagadia.

Power Grid Corporation Bonus Share History: Power Grid Corporation of India Ltd. offered 2 bonuse issues since July 29, 2021. The PSU's last bonus issue was declared in the ratio of 1:3 with ex-bonus date was set as September 12, 2023.

Power Grid Dividend History: Power Grid Corporation of India announced 38 dividends since March 10, 2008.In 1 year, Power Grid Corporation of India announced an equity dividend amounting to Rs 13.25 per share. At the current share price of Rs 275.20, Power Grid Corporation of India offers a dividend yield of 4.81%. Adjusting for Bonus/Splits the dividend yield is 4.38%.

Power Grid Corporation About: Power Grid Corporation of India Limited is a Schedule 'A', 'Maharatna' Public Sector Enterprise of Govt. of India which was incorporated on 23rd Oct 1989 under the Company Act, 1956. POWERGRID, one among the largest power transmission utilities in the world, has developed expertise in its core areas such as power transmission, sub-transmission system, distribution management, load dispatch & communications, in India and abroad, as per its official website.

Disclaimer: The stock has been picked from the brokerage report of Choice Broking. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.