Shares of SJVN Ltd on Thursday rose 3.39 per cent to hit an intraday high price of Rs 123.50. The stock eventually closed 2.30 per cent higher at Rs 122.20. The multibagger scrip has rallied 267.85 per cent in the past one year.
Today's upward move in the share price came after the company said SJVN Green Energy (SJVN's wholly-owned subsidiary) has received letter of awards for cumulative 1,352 MW of solar power projects to be developed in Nashik, Solapur, Ahmednagar and Pune under the Mukhya Mantri Saur Krushi Vahini Yojana.
"These projects have been bagged by SJVN Green through competitive bidding by participation for 1,500 MW (500 MW in Round 1 and 1,000 MW in Round 2) tender floated by MSEB Agro Power Ltd (MSAPL), Maharashtra for a total capacity of 7,000 MW. The aforesaid scheme was launched for implementation of feeder level solarisation under component C of PM-KUSUM scheme," it stated.
The total investment for development of these 1,352 MW solar power projects will be around Rs 7,436 crore. These projects shall be eligible up to a maximum central financial assistance of 30 per cent of the project cost, the company added.
The company also said it is on rapid progression to achieve its shared vision of 25,000 MW by 2030 and 50,000 MW by 2040. This shared vision has been formulated in sync with the commitment of the government for generating 50 per cent energy from non-fossil fuel-based energy resources by 2030, it further stated.
On the earnings front, the state-run firm has recorded a drop in its profit and revenue during the third-quarter (Q3 FY24). Geeta Kapur, CMD at SJVN, said, "Profit after tax (PAT) decreased by Rs 155.64 crore compared to third-quarter over the last year mainly due to lesser generation and slight decrease in capacity incentives."
In Q3 FY24, revenue from operations slipped 2.7 per cent over the same period last year because of lesser generation from the hydro projects, she added.
SJVN is engaged in the business of generation of electricity and the tariff for power generation. The company manufactures and provides three key products and services: generation of electricity (hydro, wind and solar), consultancy and transmission. Its businesses include thermal power, hydro power, wind power, solar power, power transmission, consultancy and power trading.