SJVN gains on acquisition of a power project in Bihar

The announcement was made during trading hours today, 5 July 2013.

Meanwhile, the S&P BSE Sensex was up 102.53 points or 0.53% at 19,513.37.

On BSE, 1.34 lakh shares were traded in the counter as against average daily volume of 64,910 shares in the past one quarter.

The stock hit a high of Rs 20.25 and a low of Rs 19.75 so far during the day.

The stock had underperformed the market over the past one month till 4 July 2013, sliding 5.13% compared with the Sensex's 0.69% fall. The scrip had also underperformed the market in past one quarter, gaining 0.52% as against Sensex's 4.87% rise.

The mid-cap company has equity capital of Rs 4136.62 crore. Face value per share is Rs 10.

SJVN has acquired Buxar Bijlee Company by acquisition of 100% of its equity shares in terms of the memorandum of understanding (MoU) signed with Bihar Government on 17 January 2013 for setting up a green field 1,320 megawatts (MM) supercritical technology thermal power project at Buxar district of Bihar.

SJVN also informed that the Ministry of Coal in a communication dated 3 July 2013 has allocated 486 MT of coal reserves in the 2102 MT Deocha-Pachami Coal Block located in West Bengal to SJVN for the purpose of Buxar thermal project.

SJVN's net profit surged 31.9% to Rs 157.98 crore on 41.5% decline in net sales to Rs 213.20 crore in Q4 March 2013 over Q4 March 2012.

SJVN (formerly Satluj Jal Vidyut Nigam) was incorporated on 24 May 1988 as a joint venture of the Government of India (GoI) and the state government of Himachal Pradesh (GOHP) to plan, investigate, organize, execute, operate and maintain hydro-electric power projects.

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