SJVN shares rise 9% on solar project order win; check details

Shares of SJVN Ltd zoomed over 9% today after the company said it bagged an order worth Rs 1,100 crore for a solar power project in Gujarat. The firm has received a Letter of Intent (LOI) from Gujarat Urja Vikas Nigam (GUVNL) for a 200 MW solar power project in GUVNL Phase XXII.

The stock ended flat at Rs 146.95 in the previous session on BSE. In early trade, it surged 9.49% to Rs 160.90 today.

Market cap of the firm stood at Rs 61,599 crore. A total of 9.13 lakh shares changed hands amounting to a turnover of Rs 14.14 crore on BSE.

SJVN shares have a beta of 0.7, indicating very low volatility in a year. The stock hit a 52 week low of Rs 30.39 on March 27, 2023 and a 52 week high of Rs 170.45 on February 5, 2024.

In terms of technicals, the relative strength index (RSI) of the stock stands at 78.3, signaling it's trading in the overbought zone. SJVN shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The multibagger stock has gained 66.70% in six months and risen 379% in a year.

The ground-mounted solar project will be developed by the company’s arm SJVN Green Energy Ltd (SGEL) anywhere in India through an EPC contract. The project will be commissioned in 18 months from the date of the power purchase agreement.

The PPA will be inked between GUVNL and SGEL for 25 years. The project is expected to generate 508.4 million units in first year after commissioning and the projected cumulative energy generation over a period of 25 years is 11,836.28 million units. The commissioning of this project is expected to trim 5,79,976 tonne of carbon emission and would contribute in the government’s mission of reduction in carbon emission.

SJVN Limited is engaged in the business of generation of electricity and the tariff for power generation. The company manufactures and provides three key products and services: generation of electricity (hydro, wind and solar), consultancy and transmission. Its businesses include thermal power, hydro power, wind power, solar power, power transmission, consultancy and power trading.

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