PSU Stock Under Power Ministry Hits New 52-Week High, What Is Fueling The Rally?

Large cap company operating under the Ministry of Power, Power Finance Corporation Ltd on June 12 traded new 52-week high. Power Finance Corporation share gained 1.26% till 10:57 am to Rs 201.25 apiece. In last 1-year only, PFC shares witnessed a sharp surge of 87.28% on BSE when Sensex soared 15.54%. Check details below to find out what factors are fueling the rally in PFC stock on Monday below:

Power Finance Corporation Provides Projects Details: According to the BSE filing of PFC, "This is to inform that the following 2 Special Purpose Vehicle (SPV's) for development of Independent Transmission Projects have been incorporated as wholly owned subsidiaries of PFC Consulting Limited (a wholly owned subsidiary of Power Finance Corporation Limited):

1) Bikaner III Neemrana Transmission Limited for development of "Transmission system for evacuation of power from Rajasthan REZ Ph-IV (Part-1: Bikaner Complex) Part-A" on 08th June, 2023;

2) Neemrana II Bareilly Transmission Limited for development of "Transmission system for evacuation of power from Rajasthan REZ Ph-IV (Part-1: Bikaner Complex) Part-D' on 08th June, 2023.

PFCCL has been nominated as the Bid Process Coordinator (BPC) for selection of developer through tariff based competitive bidding for the Independent Transmission Projects (ITPs) by Ministry of Power., Government of India.

Power Finance Corporation Stock Performance: Current market price of Power Finance Corporation share is Rs 201.05 apiece with intraday jump of 1.16%. Its 52-week high price is Rs 202.30 per share and 52-week low price is Rs 97.15 per share, respectively. It has a market capitalisation of Rs 53,078.85 crore.

Power Finance Corporation Return: The stock fetch 16% return in just last 2-weeks, 22% return in last 1-month, 21% return in last 3-months, 35% return YTD, 39% return in last 6-months, 87% return in last 1-year, and 54% return in last 2-years. The stock witnessed a rally of 141% in last 3-years. In last 5-years, power finance corporation stock jumped 140% again.

About Power Finance Corporation Stock: PFC is under the administrative control of the Ministry of Power. PFC was conferred the title of a 'Maharatna CPSE' in Oct.,2021, and was classified as an Infrastructure Finance Company by the RBI on 28th July, 2010. PFC plays a crucial role in the rise of India as a global player. Increasingly, a country's development is gauged by measuring its energy usage. With a large fraction of our nation still, unfortunately, without any access to electricity, PFC will become an increasingly important factor in the years to come, according to its official website.

Disclaimer: The stock hit new 52-week high on June 12. Greynium Information Technologies and the author are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.