Shares of this multibagger stock under the mid-cap category rose around 14 percent on Monday after securing a Project to develop Solar Power. In the last month, the stocks of this company have soared more than 25 percent.
With a market capitalization of Rs 28,491.02 crores, the stocks of SJVN Limited, a Public-Sector Enterprise, started their trading session on Monday at Rs 66.85 and currently trade at Rs 72.65. The scrip witnessed an intra-day high, also marked as the fresh 52-week high, of Rs 73 indicating a gain of around 14 percent as compared to the previous close of Rs 64 apiece.
Such sharp movements in the stock prices today were observed after the company, through a regulatory filing with the BSE, informed that its wholly owned subsidiary “SJVN Green Energy Limited” (SGEL) has signed a ‘Power Purchase Agreement’ with Bhakra Beas Management Board (BBMB) for development of a Solar Power project.
The above-mentioned project will be developed on the land parcels of BBMB in the states of Punjab & Himachal Pradesh, and, the same is scheduled to be commissioned by August 2024.
During recent quarters, the company has shown decent growth in its financial performance with the operating revenues growing from Rs 503 crores during Q4FY22-23 to Rs 674 crores during Q1FY23-24, and, the after-tax profits drastically increasing from Rs 16 crores to Rs 270 crores during the same time horizon.
Keeping a purview of one year, the company’s stock has delivered multibagger returns of 129 percent to its stakeholders. The same means that if someone had invested Rs 1 Lakh into the company’s stock, it would have converted to Rs 2.29 Lakhs within a period of one year.
According to the shareholding pattern data available for the June 2023 quarter, the company’s Promoters hold a 86.77 percent stake, and the Foreign Institutional Investors (FIIs) hold a 1.4 percent stake in the company.
SJVN Limited is associated with the business of generation as well as sale of power. It implements power projects in various states in India comprising Uttarakhand, Himachal Pradesh, Gujarat, and also countries overseas.
Written by Amit Madnani
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