Shares of SJVN Ltd hit their all-time high today after the firm inked a memorandum of understanding (MOU) with Power Finance Corporation (PFC) for financial assistance to various diversified portfolio of projects costing around Rs 1,18,826 crore. The projects included majorly renewable energy projects and thermal generation project. The term loan financial assistance is tentatively proposed at 70% of the project cost, which is likely to be hiked for renewable energy projects.
SJVN shares zoomed 9.31% to a record high of Rs 83.69 on Wednesday against the previous close of Rs 76.56 on BSE. Market cap of the firm rose to Rs 32,491 crore. A total of 52.04 lakh shares changed hands amounting to a turnover of Rs 41.98 crore on BSE. SJVN shares have a beta of 1.2, indicating high volatility in a year.
The stock hit a 52 week low of Rs 29.90 on September 30, 2022 .
In terms of technicals, the relative strength index (RSI) of the stock stands at 68.7, signaling it's trading neither in the overbought nor in the oversold zone. SJVN shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
On September 11, 2023, the SJVN stock zoomed 17% intraday after the company via its wholly owned subsidiary SJVN Green Energy Limited (SGEL) signed a power purchase agreement (PPA) with Bhakra Beas Management Board (BBMB). Additionally, India Ratings & Research has affirmed the ratings on Unsecured, Rated, Listed, Redeemable Non-Convertible Debentures issued by the company. The rating has been affirmed as AA plus with stable 'outlook'.
SGEL will develop 18 MW Solar Power for BBMB. The project is scheduled to be commissioned by August 2024.
It will generate 39.42 million units (MU) of energy in its first year of operation, with a cumulative energy generation of around 917 MU over a period of 25 years. The project will be developed on the land parcels of BBMB in Himachal Pradesh and Punjab.
SJVN Limited 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.
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