SJVN shares rise 6% on Rs 9,100-crore MoU with IREDA, GMR Energy; check details

Shares of SJVN Ltd zoomed 6% today after the company said it has inked an MoU worth Rs 9,100 crore with GMR Upper Karnali Hydro Power Limited (“GMR”) and govt undertaking Indian Renewable Energy Development Agency Ltd (IREDA) for the development of Upper Karnali Hydro Electric Project (900 MW) through JV company in Nepal. Meanwhile, IREDA shares also climbed 6.96% intraday to Rs 238.80 on Tuesday against the previous close of Rs 223.25 on BSE

SJVN stock rose 6% to Rs 133.85 in the current session on BSE. Market cap of the firm stood at Rs 52,325 crore. A total of 11.17 lakh shares changed hands amounting to a turnover of Rs 14.63 crore on BSE.

SJVN shares have a beta of 1.8, indicating very high volatility in a year. The stock fell to a 52 week low of Rs 63.38 on October 26, 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 31.9, signaling it's trading neither in the overbought nor in the oversold zone. SJVN shares are trading higher than the 5 day, 10 day, 150 day, 200 day but lower than the 20 day, 30 day, 100 day and 200 day moving averages.   

The multibagger stock has gained 324% in two years and risen 107% in a year.

In five years, the stock has risen 426.73%.

“This is to inform that SJVN Limited (“Company”), GMR Upper Karnali Hydro Power Limited (“GMR”) and IREDA have signed a MoU for development of Upper Karnali Hydro Electric Project (900 MW) through JV Company in Nepal. The Company and GMR will hold 34% shareholding each and IREDA will have 5% shareholding in the proposed JV. The balance Equity will be held by NEA (Nepal Electricity Authority). The project shall be developed on BOOT basis with 25 years concessional period after commissioning. The approximate project cost shall be Rs 9,100 crore. The project is proposed to be funded through 70:30 Debt Equity ratio,” said SJVN in a communication to bourses.

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.