PTC India Stock Surges 9% After Approving ONGC's Subsidiary Acquisition

20 Oct 2023 , 12:25 PM

PTC India’s stock price increased by 9% on October 20 after the company approved ONGC’s bid to acquire subsidiary PTC Energy for Rs 925 crore. The acquisition is subject to adjustments in bid value as per the bid format, and PTC India will seek shareholders’ approval for the sale to ONGC.

PTC Energy was established by PTC India in 2008 to engage in various energy sector activities, including generation, supply, distribution, transmission, and consultancy services. 

Over the past three months, PTC India’s small-cap stock has surged by 37% while the Sensex declined by 3%. In the June quarter of the current financial year, PTC India reported a 14% YoY growth in revenue at Rs 4,569 crore, with a 22% YoY increase in net profit to Rs 90 crore. However, expenditure also increased by 14% in Q1FY24. PTC India is involved in long-term and short-term power trading generated from large power projects, with power purchase agreements (PPAs) with independent producers in India and overseas.

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