Power Grid stock is looking strong at current levels. Interested day traders can enter the stock between Rs 150-152 to achieve a target of Rs 158.

Presently, the stock is hovering around Rs 156 on BSE.

Power Grid Corporation of India (PGCIL) announced on Friday the formation of joint venture with Reliance Energy. The shareholders agreement and other agreements to this effect were signed between PGCIL and Reliance Energy.

The joint venture company has in its scope execution of about 300 kms transmission lines from Parbati to Koldam and Koldam to Ludhiana. The company will have a 26% equity holding in the joint venture company and Reliance Energy will have 74% equity holding.

The company said that the above lines are part of elements of the transmission system associated with generation projects viz. Parbati-II HEP and Koldam HEP. NHPC is establishing 800 MW Parbati-II HER and NTPC is establishing 800 MW Koldam HEP in the state of Himachal Pradesh.