Mumbai: On first appearance, shares in Power Grid Corp of India (PGCIL) opened 63 percent higher and ascended further on continued buying interest, buoyed up by the power sector’s progression and the company’s shift into telecom and consultancy.
At 12:03 a.m, the state-owned power transmission company’s scrips were trading at Rs 106.80 after opening at 85 rupees, as compared to the issue price of Rs 52.
Two dealers stated that the counter is considering interest from domestic as well as foreign funds desperate to wipe up the shares given the low float.
It is yet another success for the stock markets as Sensex hit the 18,000 mark today.
