Shares of Power Grid Corp of India Ltd and NTPC Ltd extended gains on Friday, rising 2-4% in early trade. The companies impressed the Street with their strong operating performance for the June quarter. With Friday’s gains, the shares are up 7-17% this week.
Adjusted for the one-time rebate to the power distribution companies (discoms), profits grew in the range of 18-20% in the June quarter. Importantly the post results management commentary brought greater clarity on receivables.