SJVN gains on signing two MoUs

SJVN rose 2.02% to Rs 25.30 at 10:40 IST on BSE after the company said it signed memorandum of understanding with Hindustan Salts and Rajasthan Electronics and Instruments.

The company made announcement after trading hours yesterday, 1 January 2015.

Meanwhile, the S&P BSE Sensex was up 320.78 points or 1.17% at 27,828.32.

On BSE, so far 1.46 lakh shares were traded in the counter as against average daily volume of 4.76 lakh shares in the past one quarter.

The stock hit a high of Rs 25.55 and a low of Rs 25.10 so far during the day. The stock hit a 52-week high of Rs 27.65 on 23 May 2014. The stock hit a 52-week low of Rs 19.90 on 18 February 2014.

The stock had outperformed the market over the past one month till 1 January 2015, rising 4.2% compared with Sensex's 3.68% fall. The scrip had also outperformed the market in past one quarter, gaining 10.22% as against Sensex's 3.54% rise.

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

SJVN said it signed an Memorandum of Understandings (MoU) with Hindustan Salts to conceptualise, structure, implement, operate and maintain the ultra mega hybrid renewable energy (solar & wind) park at salt pan land in Kharaghoda, Gujarat. Further, SJVN also signed an MoU with Rajasthan Electronics and Instruments to develop solar power plant of about 2 megawatts capacity at Kotla, Himachal Pradesh and other places in the project area of SJVN.

SJVN's net profit rose 91.7% to Rs 796.78 crore on 82.8% rise in total income to Rs 1271.95 crore in Q2 September 2014 over Q2 September 2013.

SJVN, a power company is a Mini Ratna & Schedule 'A' CPSU under the Ministry of Power, Government of India. It is a joint venture between the Govt. of India & Government of Himachal Pradesh.

Government of India holds 64.46% stake in the firm as at 30 September 2014.

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