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MUMBAI: The shares of Power Grid Corp could gain as much as 10 per cent more ahead of the launch of Power Grid Infrastructure
Investment Trust's (InvIT) initial public offering. Analysts believe that the InvIT launch could entail an additional dividend payout of ₹4 to ₹5 per share along with
PowerGrid's March quarter result.
"We believe ahead of the InvIT launch we can see rally in stock led by short covering... the bullish reversal pattern near the current support levels would lead the stock towards the 230-235 levels," said Abhilash Pagaria, senior manager, Edelweiss Alternative Research. Shares of Power Grid, which rose 2.2 per cent to close at ₹215.75 on Monday, are down 5 per cent since February 16 when the benchmark indices hit a record high. The Sensex is down 7 per cent from that date.