JP Power shares hit 5% upper circuit on Rs 300 crore solar plant plan

Shares of Jaiprakash Power Ventures Ltd (JP Power) surged 5 per cent on Thursday, hitting the upper price band of Rs 18.96 on BSE. The upmove came after the company announced plans to explore setting up a 50 MW solar PV power plant at its 500 MW Jaypee Bina Thermal Power Plant (JBTTP) site in Madhya Pradesh, with an estimated investment of around Rs 300 crore, subject to necessary approvals.

"This is to inform you that the Board of Directors, in its meeting held today i.e. August 27, 2025, has considered the proposal to explore the options for setting up a Solar PV Power Plant of approx. 50 MW capacity at the company's existing Thermal Power Project site situated at Bina, Madhya Pradesh i.e. 500 MW Jaypee Bina Thermal Power Plant (JBTTP), subject to such approvals as may be required including that of lenders inter-alia, with an estimated investment of approx. Rs 300 crore," it stated in a BSE filing.

On the technical front, analysts highlighted that the stock is at a crucial juncture. Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, said JP Power has been consolidating in a narrow range and is awaiting a breakout. "Support lies near the Rs 18 zone, while resistance is capped around Rs 19.60–20 levels. A decisive move on either side will dictate the next trend," he noted.

Echoing a slightly bullish tone, Sebi-registered analyst AR Ramachandran observed that a close above Rs 19.20 could open the path toward Rs 20.80 in the near term, with strong support intact at Rs 18.

The counter traded higher than the 5-day, 10-, 100-, 150-day and 200-day simple moving averages (SMAs) but lower than the 20-day, 30-day and 50-day SMAs. Its 14-day relative strength index (RSI) came at 46.18. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The scrip has a price-to-earnings (P/E) ratio of 17.53 against a price-to-book (P/B) value of 1.08. Earnings per share (EPS) stood at 1.08 with a return on equity (RoE) of 6.17. According to Trendlyne data, JP Power has a one-year beta of 1.1, indicating high volatility.

As of June 2025, promoters held a 24 per cent stake in the company.