04 Jan 2024

PFC surges on signing MoU with Govt of Gujarat for power projects worth Rs 25,000 crore

Power Finance Corporation is currently trading at Rs. 405.35, up by 12.30 points or 3.13% from its previous closing of Rs. 393.05 on the BSE.

The scrip opened at Rs. 398.00 and has touched a high and low of Rs. 408.70 and Rs. 397.10 respectively. So far 383246 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 428.00 on 14-Dec-2023 and a 52 week low of Rs. 106.44 on 27-Jan-2023.

Last one week high and low of the scrip stood at Rs. 408.70 and Rs. 379.50 respectively. The current market cap of the company is Rs. 134099.64 crore.

The promoters holding in the company stood at 55.99%, while Institutions and Non-Institutions held 34.70% and 9.30% respectively.

Power Finance Corporation (PFC) has signed a MoU with the Government of Gujarat (GoG), in Gandhinagar on January 3, 2024. The chief objective of this MoU is to provide comprehensive financial backing for the state's generation, transmission, and distribution projects. This strategic alliance is anticipated to usher in a new era of energy sustainability and efficiency in Gujarat, setting the stage for transformative changes and catalysing the state's vision for a robust and reliable power infrastructure.

Under the terms of the MoU, the envisaged financial assistance stands at an impressive Rs 25,000 crore, dedicated to powering up various projects across Gujarat. This substantial financial commitment underscores PFC's steadfast commitment to bolstering the power infrastructure in the region and supporting the state's ambitious initiatives in the power sector. Apart from facilitating the expansion of power infrastructure, the MoU shall inter-alia also help creating employment generation to the tune of 10,000 in the state of Gujarat.

Power Finance Corporation is central PSU under Ministry of Power and India's leading NBFC.