50,000 MW vision: This multibagger power company signs PPA with Bhakra Beas Management Board; scrip hits upper circuit & 52-week high!
The stock is up by 40 per cent in just 1 month and gave multibagger returns of over 130 per cent in 6 months.
On Monday, one of the Top Gainers on BSE, shares of SJVN Ltd surged 20 per cent upper circuit to Rs 76.8 per share from its previous closing of Rs 64. The stock also traded at a new 52-week high of Rs 76.8 per share with a spurt in volume by more than 7.76 times on BSE.
SJVN Ltd informed that the company through its wholly owned subsidiary SJVN Green Energy Limited (SGEL) has signed PPA with Bhakra Beas Management Board (BBMB) for 18 MW Solar Power. The project will be developed on the land parcels of BBMB in the states of Himachal Pradesh & Punjab.
The project is scheduled to be commissioned by August 2024. The Project has been secured through open competitive bidding at a tariff of Rs 2.63 in the reverse auction organized by the Punjab Energy Development Agency. The project will generate 39.42 million Units of energy in the first year of operation and the cumulative energy generation over a period of 25 years would be about 917 million Units. The Power Purchase Agreement (PPA) for the power produced from the project has been signed with BBMB for 25 years. The commissioning of this project is expected to reduce 44,923 tonnes of carbon emissions.
SJVN, a leading CPSU under the Ministry of Power, plans to install over 10,000 MW of renewable energy capacity in three years while progressing towards its Shared Vision of becoming a company of 25000 MW by 2030 and 50000 MW by 2040.
SJVN is engaged in the business of electricity generation. The company is also engaged in the business of providing consultancy for hydropower projects. The company has been maintaining a healthy dividend payout of 72 per cent with a dividend yield of Rs 4.38 per cent. This power company has a market cap of over Rs 30,000 crore with a 3-year CAGR of 50 per cent.
The stock is up by 40 per cent in just 1 month and gave multibagger returns of over 130 per cent in 6 months. Investors should keep an eye on Mid-Cap power company under their watchlist.
Disclaimer: The article is for informational purposes only and not investment advice.
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