Power Grid Shares Rebound After Initial Dip

Shares of Power Grid Corporation of India closed nearly 1% higher on Tuesday despite a morning slump following a 4% decline in net profit for the December 2024 quarter. The stock initially fell over 4% but recovered by the session's end. The company's income and expenses also showed a year-on-year decrease.

Shares of Power Grid Corporation of India surged close to 1% by the end of trading on Tuesday, clawing back from an early drop prompted by quarterly financial results. The company reported a 4% decrease in consolidated net profit, amounting to Rs 3,861.63 crore for the December 2024 quarter.

Initially, the stock plunged more than 4%, hitting Rs 272.30 during intra-day trading on the BSE. However, it managed to recover and closed 0.65% higher at Rs 285.75 per share. On the NSE, it finished at Rs 285.25, marking a 0.51% increase, despite dipping to Rs 272.10 earlier in the day.

In terms of trading volume, 6.35 lakh shares were exchanged on the BSE, while 198.36 lakh shares changed hands on the NSE. Meanwhile, both the BSE Sensex and NSE Nifty exhibited robust growth, closing with significant gains. Compared to the same quarter last year, Power Grid's total income dipped slightly, accompanied by a reduction in expenses.