In Friday’s trading session, the shares of a hydroelectric power generation company surged by 13.2 percent to Rs. 159.6, after the company secured a pumped storage project worth over Rs. 13,000 crores from the Government of Mizoram.
At 10:58 a.m., the shares of SJVN Limited were trading in the green at Rs. 153.25, up by 8.7 percent, compared to its previous closing price of Rs. 140.95, with a market cap of Rs. 60,224 crore.
What’s the News:
According to the latest filings with the stock exchanges, SJVN Limited received a Letter of Intent from the Government of Mizoram for the Darzo Lui Pumped Storage Project, which will be its first project in Mizoram.
This project, with an installed capacity of 2,400 MW, will be situated across the Darzo Nallah, a tributary of the Tuipui River. The total estimated cost of the project, including IDC and financing costs at April 2023 prices, is Rs. 13,947.5 crores.
The Darzo Lui Pumped Storage Project is an on-stream closed-loop type system, consisting of eight units, each with a capacity of 300 MW.
It is projected to generate 4,993.2 MU annually with 95 percent plant availability. The project will require an estimated 6,331.66 MU of annual input energy for pumping water to the upper reservoir and is expected to be completed within 72 months.
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Previous News:
On June 26th, SJVN, through its wholly-owned subsidiary SJVN Green Energy Limited (SGEL), signed a Memorandum of Understanding (MoU) with AM Green Ammonia (India) Private Limited.
AM Green Ammonia, a part of the Greenko Group, is developing one of the largest Green Ammonia Platforms in the world in Kakinada, Andhra Pradesh.
This project will be developed in two stages: starting with a capacity of one million tons per annum (MTPA) and expanding to 5 MTPA by 2030, which is equivalent to 1 MTPA of hydrogen.
Under this MoU, SJVN and AM Green Ammonia will work together to supply or source renewable energy on a long-term basis for these green ammonia plants based on mutually agreed terms.
Financials:
The company experienced significant growth in its net profit, showing a year-on-year rise of around 255 percent from Rs. 17.2 crore in Q4 FY22-23 to Rs. 61 crore in Q4 FY23-24.
However, its revenue from operations fell during the same period from Rs. 503.7 crore to Rs. 483 crore, representing a decline of 4.1 percent YoY.
Stock performance:
The stock has delivered multibagger returns of nearly 163.3 percent in one year and around 18.2 percent of positive returns in the last six months. So far in 2024, the shares of SJVN have given about 65.4 percent of positive returns.
About the company:
SJVN Limited is primarily engaged in the business of generation and sale of electricity along with providing consultancy services.
Written by Shivani Singh
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