SJVN zooms on inking two MoUs with Government of Maharashtra
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SJVN is currently trading at Rs. 132.35, up by 6.35 points or 5.04% from its previous closing of Rs. 126.00 on the BSE.
The scrip opened at Rs. 127.25 and has touched a high and low of Rs. 133.20 and Rs. 127.00 respectively. So far 1773737 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. 63.38 on 26-Oct-2023.
Last one week high and low of the scrip stood at Rs. 133.20 and Rs. 125.65 respectively. The current market cap of the company is Rs. 52030.49 crore.
The promoters holding in the company stood at 81.85%, while Institutions and Non-Institutions held 6.33% and 11.83% respectively.
SJVN has signed two landmark Memorandums of Understandings (MoUs) with Government of Maharashtra for development of Pumped Storage Projects (PSPs) and Floating Solar Projects (FSPs) in the state of Maharashtra.
The first MoU was inked between the company and Department of Water Resources, Government of Maharashtra, for development of five Pumped Storage Projects of total capacity of 8100 MW. The 8100 MW Pumped Storage Projects include 800 MW Kolmondapada,1500 MW Sidgarh, 2000 MW Chornai, 1800 MW Baitarni and 2000 MW Jalvara Pumped Storage Projects. This MoU will facilitate SJVN to undertake Survey & Investigation, preparation of DPR and further establishment of the aforesaid projects in Maharashtra in a time bound manner as per the prevailing rule/policies/schemes of the Central/ State Government.
The second MoU was signed between SJVN and Maharashtra State Power Generation Company (MAHAGENCO) for the development of 505 MW Floating Solar Project at Lower Wardha Dam in Maharashtra. The 505 MW Floating Solar Project will be developed in two Phases. The First Phase will be of 100 MW and Second Phase will be of 405 MW. The phased development will ensure optimal use of existing power evacuation infrastructure and will provide a sustainable and reliable energy source for the region.
The total estimated investment on these projects will be to the tune of Rs 48,000 crore and will generate around 8400 direct and indirect employment opportunities. The projects will also support eco-tourism and skill development initiatives which will benefit the local communities.
SJVN’s principal business activity is electricity generation. The company is also engaged in the business of providing consultancy.
