SJVN surges as its arm inks power usage agreement with JKPCL
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SJVN is currently trading at Rs. 123.00, up by 4.00 points or 3.36% from its previous closing of Rs. 119.00 on the BSE.
The scrip opened at Rs. 120.00 and has touched a high and low of Rs. 127.55 and Rs. 118.35 respectively. So far 1675901 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 170.45 on 05-Feb-2024 and a 52 week low of Rs. 30.39 on 27-Mar-2023.
Last one week high and low of the scrip stood at Rs. 128.50 and Rs. 115.65 respectively. The current market cap of the company is Rs. 48297.18 crore.
The promoters holding in the company stood at 81.85%, while Institutions and Non-Institutions held 7.65% and 10.51% respectively.
SJVN’s wholly owned subsidiary -- SJVN Green Energy (SGEL) has signed the Power Usage Agreement (PUA) with Jammu & Kashmir Power Corporation (JKPCL) at Jammu on February 23, 2024 for 300 MW Solar Power Capacity.
Further, this 300 MW power shall be supplied to JKPCL from the under construction 1,000 MW Bikaner Solar project which is being developed under the CPSU Scheme of IREDA at a cost of Rs 5,491 crore. The project is being developed under the Domestic Content Requirement (DCR) mode and is slated for commissioning by July, 2024. Power from this project is for Government use either directly or through Discom.
The company is on rapid progression to achieve its Shared Vision of 25,000 MW by 2030 & 50,000 MW by 2040. This Shared Vision has been formulated in sync with the commitment of the Government of India of generating 50% energy from non-fossil fuel-based energy resources by 2030.
SJVN’s principal business activity is electricity generation. The company is also engaged in the business of providing consultancy.
