Share price of a company engaged in the business of electricity generation moved up by nearly 15.1 percent to Rs. 134.36 in the morning trading session of Monday, after the company received a work order on January 25.
With a market cap of Rs. 51,834 crore, shares of SJVN Ltd. opened at Rs. 120.96 on Monday from its previous close of Rs. 116.65. The company has delivered a positive return of more than 130.17 percent in the last six months compared to more than 293.1 in the last one year. So far in 2024, it has given around 41.7 percent returns.
According to the recent filings on the stock exchanges, SJVN Ltd. has successfully bagged full quoted capacity of a 100 MW Solar Power Project through e-Reverse Auction conducted by Gujarat Urja Vikas Nigam Limited (GUVNL).
SJVN successfully secured a 100 MW Solar Project at Rs. 2.54 per Unit on Build Own and Operate basis through a tariff-based competitive bidding process of GUVNL Phase XXI.
The Company will construct this Ground Mounted Solar Project through its wholly owned subsidiary, SJVN Green Energy Limited (SGEL), at a tentative cost of Rs. 550 crores.
The project will be carried out by SGEL in the Solar Park being constructed by Gujarat Industrial Power Corporation Ltd. in Khavda, Gujarat, under an EPC contract. The Power Purchase Agreement will be executed upon the issuance of the Letter of Award (LoA) from GUVNL.
The project is expected to generate around 252 million units in its first year of commissioning and the cumulative energy generation over a period of 25 years would be roughly 5,866 million units. Moreover, this solar project is expected to reduce carbon emissions by 2,87,463 tonnes.
In terms of financials, the company’s revenue from operations grew by 30.07 percent from Rs. 675 crores in the June 2023 quarter to Rs. 878 crore in the September 2023 quarter, accompanied by an increase in net profit by 61.76 percent from Rs. 272 crore in the June 2023 quarter to Rs. 440 crore in the September 2023 quarter.
As of December 2023, FIIs hold 1.68 percent of the shares, whereas DIIs hold 5.97 percent of the shares in the company, aggregating to 7.65 percent of the institutional holdings.
Established in 1988 as a joint venture of the Government of India and the Government of Himachal Pradesh, SJVN Limited is under the control of the Ministry of Power and is a public sector undertaking (PSU).
With this auction for the 100 MW Solar Project, the Company’s project portfolio now stands at 59,872 MW and is working consistently to reach its new mission of 12,000 MW by 2026, as well as its shared vision of 25,000 MW by 2030 & 50,000 MW installed capacity by 2040.
Written by Shivani Singh
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