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SJVN hits new high on strong order inflows; stock surges 37% in one week

Government of Arunachal Pradesh has allotted five projects totalling 5.097 MW to the SJVN.

SJVN

SJVN

SI Reporter Mumbai

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Shares of SJVN hit a new high of Rs 62.75, as they rallied 10 per cent on the BSE in Tuesday’s intra-day trade amid heavy volumes on strong order inflows. In past one week, the stock of state-owned power generation company has surged 37 per cent after bagging multiple orders. In comparison, the S&P BSE Sensex was down 1 per cent during the same period.

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At 10:05 AM; SJVN quoted 7 per cent higher at Rs 60.97 on back of two-fold jump in average trading volumes. A combined 63.29 million equity shares had changed hands on the NSE and BSE.
 

SJVN, on Monday, said that the Government of Arunachal Pradesh allotted five projects totalling 5,097 MW to the company. The Projects allocated are 3,097 MW Etalin, 680 MW Attunli, 500 MW Emini, 420 MWAmulin and 400 MW Mihumdon.

All the five projects are located in Dibang Basin, which will result in optimal resources utilization and timely completion of projects. The development of these projects will involve an investment of more than Rs 50,000 crore.

Last week, SJVN bagged a contract from Punjab State Power Corporation Ltd (PSPCL) for the development and procurement of 1,200 MW of solar power entailing an investment of Rs 7,000 crore.

SJVN Green Energy Ltd (SGEL; a wholly-owned subsidiary of SJVN) will develop 1,000 MW (solar) project anywhere in the country and balance 200 MW in the state of Punjab. The project shall be commissioned in a period of 18 months from the date of signing of power purchase agreement (PPA) and is expected to be commissioned by the end of next year. The PPA will be signed shortly between PSPCL and SGEL for 25 years.

In a separate exchange filing, SJVN informed that it has entered into a Memorandum of Understanding (MoU) with REC Ltd, aiming to secure a massive financial boost of Rs 50,000 crore for its projects. These projects will encompass both conventional energy sources and renewable energy sources, aligning with India's growing focus on sustainable and clean power generation.

Additionally, the agreement includes financial backing for the implementation of innovative technology projects, such as battery storage, E-vehicles, green hydrogen/ammonia, hydrogen cells storage, and the establishment of manufacturing units for green projects.


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First Published: Jul 25 2023 | 10:19 AM IST

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