The shares of Satluj Jal Vidyut Nigam (SJVN) Ltd opened at Rs 40.65 on Monday and scaled by more than 2 percent to reach an all-time high of Rs 42.35 in the early hours.
This came after the company reported that its green energy arm, SJVN Green Energy has bagged a 200 MW solar project worth Rs 1,200 crore from the Maharashtra State Electricity Distribution Company Ltd. Currently, the Company’s Renewable Portfolio stands at 4320.5 MW out of which 179.5 MW is under operation, 1385 MW is under construction, and 2756 is at different stages of implementation.
In addition to this, the company announced last week that it is set to form a Joint Venture with Grid Corporation of Odisha (GRIDCO) to develop a 1,000 MW hydroelectric project and a 2,000 MW solar project entailing an investment of Rs 20,000 crore. In the span of a month, the stock has gained approximately 5 percent and in the last two months, it has gained 23 percent. On a yearly basis, the stock has jumped up by 43 percent.
Satluj Jal Vidyut Nigam, better known as SJVN, is an Indian public sector undertaking under the administrative control of the Ministry of Power which is involved in hydroelectric power generation and transmission.
The company has aligned its Shared Vision of 5000 MW by 2023, 25000 MW by 2030 & 50000 MW capacity by 2040 with that of the Government of India’s target of achieving 50% energy from non-fossil fuel sources by 2030.
In Q2FY23, the total revenue generated by the company was Rs 878.48 crore which grew marginally from Rs 882.32 crore in the same period a year earlier. Their net profit in the period stood at Rs 397.03 crore which declined from Rs 404.1 crore in Q2FY22. The company has a market capitalization of Rs 15,856 crore and a high dividend yield of 4.21% as on December 5th, 2022.
Written by Anoushka Roy
