SJVN spurts on plan to set up solar capacity in Rajasthan

SJVN rose 5.89% to Rs 29.65 at 13:42 IST on BSE after the company said it plans to set up cumulative 300 megawatts solar capacity in Rajasthan.

The announcement was made during trading hours today, 4 December 2015.

Meanwhile, the BSE Sensex was down 128.21 points, or 0.50%, to 25,758.41.

On BSE, so far 1.69 lakh shares were traded in the counter, compared with an average volume of 2.19 lakh shares in the past one quarter.

The stock hit a high of Rs 30.30 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 27.90 so far during the day. The stock hit a 52-week low of Rs 22.10 on 25 August 2015.

The stock had outperformed the market over the past one month till 3 December 2015, falling 0.36% compared with 2.65% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 17.15% as against Sensex's 0.47% rise.

The large-cap company has an equity capital of Rs 4136.63 crore. Face value per share is Rs 10.

SJVN said it signed a memorandum of understanding (MoU) on 3 December 2015 with the Saurya Urja Company of Rajasthan for allocation of land in the solar parks being developed by them in Jodhpur and Jaisalmer. The company plans to set up cumulative 300 megawatts solar capacity in these solar parks.

Net profit of SJVN declined 29.09% to Rs 564.97 crore on 29.42% decline in net sales to Rs 853.87 crore in Q2 September 2015 over Q2 September 2014.

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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