SJVN's subsidiary bags order worth 1,900 crore; stock hits 52-week high
SJVN stock continued its winning streak for the second consecutive day on Tuesday and gained an aggregate of over 9 per cent.
The stock of SJVN, a state-owned power producer, jumped 4.9 per cent to hit a 52-week high of Rs 63.80 in morning deals on Tuesday (August 29, 2023).
The stock continued its winning streak for the second consecutive day on Tuesday and gained an aggregate of over 9 per cent. The buying interest in the stock came after the company's subsidiary, SJVN Green Energy Limited (SGEL), bagged an order worth Rs 1,900 crore. The market capitalisation of the company at the time of filing this report stood at Rs 24,702.69 crore. The stocks closed 0.94 per cent higher at Rs 61.37 apiece.
"SJVN Green Energy Limited (SGEL), a wholly owned subsidiary of the company, has received a Letter of Awards from Assam Power Development Corporation Limited (APDCL) for three solar power projects with a cumulative capacity of 320 MW. SGEL had participated in three separate tariff-based competitive bidding tenders of APDCL i.e. 50 MW, 70 MW, and 200 MW," the regulatory filing read.
These three solar power projects shall be developed on a Build Own and Operate (BOO) basis. The projects shall be commissioned in a period of 18 months from the date of the signing of the Power Purchase Agreement and are expected to be commissioned by March 2025.
Analysts' view
The stock has breached the target price of Rs 62.6 apiece given by Zee Business Senior Research Analyst Arman Nahar.
SVJN Q1 results
SJVN Ltd reported an over 55 per cent dip in its consolidated net profit to Rs 271.75 crore in the June quarter, mainly due to lower revenues.
The company had reported a consolidated net profit of Rs 609.23 crore in the year-ago quarter, it had said in a BSE filing.
SVJN share price: Past performance
In 2023 so far, shares of SVJN have outperformed the headline index Nifty 50 by gaining over 79 per cent against 6.23 per cent.
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