Shares of PTC India hit were stuck in the upper circuit of 5% for the third straight session today amid a report that the Adani Group was looking to buy stake in the state-backed electricity trader. According to a Bloomberg News report, PTC India is attracting initial interest from potential suitors including Asia’s richest man Gautam Adani. Buoyed by the development, PTC India shares hit the upper circuit of 5% for the third straight session today.
PTC India stock opened with a gain of 3.38% at Rs 94.90 today against the previous close of Rs 91.80 on BSE. Later, shares of PTC India touched an intraday high of Rs 96.35 rising 4.96% on the BSE. The stock has gained 15.67% in the last three sessions. PTC India stock is trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. PTC India shares are down 11.12% in a year but risen 18.8% in 2023. Market cap of PTC India rose to Rs 2,852.04 crore on BSE.
Total 24.65 lakh shares changed hands amounting to a turnover of Rs 23.66 crore on BSE. Market cap of the firm rose to Rs 2,852 crore. The stock hit a 52-week high of Rs 114.75 on January 18, 2022 and a 52-week low of Rs 67.75 on October 21, 2022 on BSE.
Adani is among possible bidders reviewing preliminary information on the business, while other Indian conglomerates are also evaluating whether to bid, according to a report on January 6.
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State-owned entities NTPC Ltd, NHPC Ltd, Power Grid Corp of India Ltd and Power Finance Corp Ltd are working with an adviser to weigh selling their stakes of around 4% each, with bids due as soon as the end of the month, Bloomberg News said in a report.
PTC India reported a 32.26% fall in its consolidated net profit for the July-September quarter at Rs 119.79 crore against a net profit of Rs 177.11 crore in the corresponding period of the previous fiscal. Sales slipped 10.5% to Rs 4898 crore in Q2 of this fiscal against Rs 5472.83 in the September quarter of the previous fiscal.
In the first quarter of the current fiscal (FY23), the company clocked a consolidated net profit of Rs 135.10 crore compared to Rs 136.17 crore in the corresponding period of the last fiscal.
PTC India is engaged in the trading of power to achieve economic efficiency and security of supply and to develop a vibrant power market in the country. The company has three objectives. A. To optimally utilise the existing resources to develop a full-fledged efficient and competitive power market. b. To attract private investment in the Indian power sector. C. To encourage trade of power with neighboring countries.
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