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SJVN hits new high, up 5% on securing new orders

The stock has rallied over 90 per cent so far in FY24 on the back of strong order inflows.

Photo: Bloomberg

Photo: Bloomberg

SI Reporter Mumbai

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Shares of Satluj Jal Vidyut Nigam (SJVN) hit a new high at Rs 63.80, on rallying 5 per cent on the BSE in Tuesday's intra-day trade backed by heavy volume owing to winning new orders. 

The stock so far has rallied over 9 per cent so far this month, and has zoomed a whopping 92 per cent so far in the fiscal year 2023-24. In comparison, the S&P BSE Sensex was down around 2.5 so far this month, and up around 11 per cent in FY24.

At 10:30 AM; SJVN quoted 3 per cent higher at Rs 62.70 on trades of around 20.73 lakh shares as against the two-week average volume of around 13.29 lakh shares on the BSE.

The state-owned company has inked two pacts with Punjab State Power Corporation (PSPCL) to supply 1,200 MW of solar power from its projects, Punjab Chief Minister Bhagwant Mann said on Thursday.

Earlier this month, SJVN had signed initial pacts with Oil & Natural Gas Corporation (ONGC) and Sambhar Salts (SSL), a subsidiary of Hindustan Salts for development of solar parks and projects.

The projects are to be executed through formation of a joint venture company between ONGC and SJVN Green Energy (SGEL), a wholly-owned subsidiary of SJVN, the company's CMD Nand Lal Sharma said.

Similarly, SJVN has signed a trade agreement with Sikkim Urja for supply of 180 megawatt (MW) hydro power. As part of this agreement, power will be supplied to distribution licensees and open access consumers.

Earlier in July, SJVN was allocated five hydro electric projects having a total generation capacity of 5,097 MW in Arunachal Pradesh. The government of Arunachal Pradesh had terminated pacts with various private power developers as they "showed less interest" in executing projects given to them. 

The five projects, allocated by the Arunachal Pradesh government, are situated in tributaries of Dibang River. They are 3,097 MW Etalin, 680 MW Attunli, 500 MW Emini, 420 Amulin and 400 MW Mihumdon, SJVN had said in a release.

For the quarter ended June 2023, SJVN reported a 55 per cent dip in consolidated net profit to Rs 271.75 crore when compared with Rs 609.23 crore in the year-ago quarter. The company's total income declined by 30.6 per cent year-on-year to Rs 744.39 crore for Q1FY24 from Rs 1,072.23 crore in Q1FY23.

 

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First Published: Aug 29 2023 | 11:02 AM IST

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