SJVN shares in news today as firm secures its first project in Mizoram

Shares of SJVN Ltd are in news today after the company said it has received a letter of intent for a 2,400 MW pumped storage project in Mizoram, worth over Rs 13,947 crore. This marks the company's first project in the state. The stock fell 2.49% to Rs 140.95 in the previous session on BSE. Market cap of the firm stood at Rs 55,390 crore. A total of 14 lakh shares changed hands amounting to a turnover of Rs 19.87 crore on BSE.

SJVN shares have a beta of 1.8, indicating high volatility in a year. The stock hit a 52 week low of Rs 52.69 on August 9, 2023 and a 52 week high of Rs 170.45 on February 5, 2024.

In terms of technicals, the relative strength index (RSI) of the stock stands at 49.6, signaling it's trading neither in the overbought nor in the oversold zone. SJVN shares are trading lower than the 5 day, 20 day but higher than the 30 day, 50 day, 100 day and 200 day moving averages.   

The multibagger stock has gained 395% in two years and risen 135.51% in a year.

A memorandum of understanding (MoU) will be signed within three months between SJVN and the Mizoram government, as per the Letter of Intent (LoI).

The company has received the LoI from the Mizoram government for allotment of the Darzo Lui Pumped Storage Project through the MoU route on a nomination basis, according to a statement.

With an installed capacity of 2,400 MW, the pumped storage project has been proposed across Darzo Nallah, a tributary of Tuipui river.

The estimated cost of the project on completion is Rs 13,947.50 crore, including IDC (interest during construction) and financing costs at the April 2023 price level.

The project envisages the utilisation of available gross heads of upper and lower reservoirs of 770 metres.

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.