SJVN inks MoU with Energy Dept of Rajasthan government; stock rises 5%

The share price of SJVN soared after the company announced that it has inked a MoU with the Energy Department, Government of Rajasthan to spearhead the development of renewable energy in the state

SJVN stock rises: Shares of SJVN jumped as much as 5.02 per cent to hit an intraday high of Rs 108.70 per share on Friday, November 22, 2024.

 

The share price of SJVN soared after the company announced that it has inked a memorandum of understanding (MoU) with the Energy Department, Government of Rajasthan to spearhead the development of renewable energy in the state.

 

In an exchange filing, SJVN said, “It is intimated that the Company has signed a Memorandum of Understanding (MoU) with the Energy Department, Government of Rajasthan to spearhead the development of renewable energy in the state.”

 

Under the deal, SJVN will develop 5 GW pumped storage projects and 2 GW floating solar projects in the state. 

 

Both the parties have agreed to collaborate for development of renewable energy on a long-term basis, SJVN said in a statement. 

 

SJVN Limited, established in 1988 and headquartered in Shimla, Himachal Pradesh, is an Indian public sector company specialising in power generation. The company manages the entire lifecycle of hydroelectric projects, including design, analysis, operation, planning, development, execution, and maintenance. 

 

While it initially concentrated on hydroelectric power, SJVN has expanded into thermal, solar, and wind energy sectors. It oversees major projects such as the Nathpa Jhakri and Rampur hydro power stations and is actively pursuing numerous new initiatives across India.

 

The market capitalisation of the company is Rs 42,481.09 crore, according to Bombay Stock Exchange (BSE). The company falls under the BSE500 category.

 

The 52-week high of SJVN is Rs 170.45 while the 52-week low is Rs 80.17

 

At 9:20 AM, shares of SJVN were trading 4.44 per cent higher at Rs 108.10 per share. In comparison, BSE Sensex was trading 0.20 per cent higher at 77,311.29 levels.