SJVN (Satluj Jal Vidyut Nigam) shares surged by 5.7 percent on Thursday, June 15, after the company announced a partnership with Mahagenco which entails the development of renewable energy projects in Maharashtra, with a total capacity of 5,000 megawatts (MW).
In the presence of Deputy CM & Power Minister of Maharashtra, Devendra Fadnavis, and Principal Secretary Energy, Govt. of Maharashtra, Abha Shukla, an MoU was signed between the two companies. Geeta Kapur, Director (Personnel) of SJVN, and P Anablagan, CMD of MAHAGENCO, were the signatories of the pact.
During Thursday’s trade, the stock opened at a price of Rs. 39 per share against the previous close of Rs. 38.45 per share and grew further during the early trading session to touch an intraday high of Rs. 40.65.
It was trading at ₹39.85 apiece, up by 3.64 percent at 10:55 a.m. on the NSE.
The stock touched a 52-week-high of Rs. 42.35 on December 05, 2022, and a 52-week-low of Rs. 25.45 on June 20, 2022, indicating that at the current level, the stock is trading over 56.58 percent above its 52-week low and 5.90 percent below its 52-week high.
The stock has rallied almost 10 percent in the last one month. Moreover, in the last one year, it has yielded a return of nearly 45 percent. In the past five years, the stock has grown over 33 percent.
The purpose of the MoU is to assess the feasibility of establishing a range of renewable energy projects in Maharashtra, including hydro, pumped storage, wind, solar, hybrid, and green hydrogen projects.
SJVN and Mahagenco will jointly participate in tenders floated by the Maharashtra government for the renovation and modernisation of small hydropower stations, which are operated and maintained by Mahagenco, Nand Lal Sharma, Chairman & Managing Director of SJVN said.
Last week, the company had announced that its subsidiary, SJVN Green Energy Limited, had received a Letter of Intent (LOI) from Gujarat Urja Vikas Nigam Limited (GUVNL). The LOI pertains to a 100 MW grid-connected wind power project in Gujarat.
SJVN Limited is an India-based company, which is principally engaged in the generation of electricity and operates through the generation and sale of power segment. Its businesses include thermal power, hydro power, wind power, solar power, power transmission, consultancy and power trading.
According to a Mintgenie poll, an average of 3 analysts have a ‘STRONG BUY’ call on the stock.
