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.

The stock exchange statistics showed that the stock saw a slew of block deals. The IPO delineated just 13.64% of the post-issue capital.

Power Grid runs the majority of India’s inter-state transmission assets and is the nodal agency for wheeling power cross the state. It also controls a 19,000-kilometre fibre optic telecom network and leases bandwidth to all major telecommunication majors.

After the listing ceremony, the company’s Chairman R.P. Singh said that the company that has lifted up 29.84 billion rupees through IPO has planned to intensify its telecommunication and consultancy business in order to boost up equity returns from the existing 14.5 percent.

Mr. Singh said, “Telecom and consultancy are expected to contribute a fifth of revenue in two-three years from about 8 percent now, increasing our returns.”

Mr. Singh also stated that the company is in discussions to form a combined venture to tap the prospective of its telecommunication business, and is also on the brink of binding with a group, which streams its entertainment content through Power Grid’s telecom network.

The company thinks to preserve a compounded annual growth of 12-13 percent, he added.