Centre's rejection of PFC stake sale plan drives Power Grid shares up 3percent
Shares of Power Grid Corporation of India Ltd (Power Grid) climbed over 3 percent on Tuesday after a news report said that the government has rejected REC's proposal to sell Power Finance Corporation's (PFC) stake to Power Grid.There were reports stating REC had asked the government to consider selling PFC’s stake in the company to Power Grid.“The government has rejected power financier REC Ltd's proposal of its takeover by Power Grid Corp of India (PGCIL),” a September 26 report in the Economic Times said, citing power and new and renewable energy minister RK Singh.Power Grid's market capitalisation had fallen about Rs 33,000 crore in the last two trading sessions following reports of the proposal, the report said.Foreign brokerage firm Ci.....