Multibagger stock under Rs 100 bagged 8,778-MW orders: This power generation company gets approval to form four joint ventures in India & Nepal – know more here!

The stock gave multibagger returns of 120 per cent in 6 months while the BSE Sensex Index is 9.4 per cent.

Satluj Jal Vidyut Nigam Limited (SJVN) informed that the Department of Investment & Public Asset Management (DIPAM), Ministry of Finance, Government of India has agreed to the proposal of the company & Ministry of Power to form four Joint Ventures (JV) companies for the development of hydro & renewable projects in India & Nepal.

The company will be the leading partner in three JV companies, whereas the company’s wholly owned subsidiary i.e., SJVN Green Energy Limited (SGEL) will be the leading partner in the fourth JV. The company will form a JV with Maharashtra State Power Generation Company Limited to develop 5,000 MW RE projects. Another, JV will be between the company, the Government of Arunachal Pradesh & Navyuga Engineering Company Limited to execute the development of the 1,878 MW OJU hydroelectric project in the state of Arunachal Pradesh.

In the third JV, the company will be collaborating with Nepal Electricity Authority & GMR Energy Limited for the implementation of a 900 MW upper Karnali hydroelectric project in Nepal. In this JV, the Company & GMR will have an equal equity partnership. Further, SGEL will be forming a JV with Assam Power Development Company Limited. The JV will be for developing 1,000 MW RE Projects in the state of Assam.

Additionally, in a major stride towards clean energy, SJVN Green Energy (a subsidiary of SJVN Limited) proudly announces the commissioning of its 75 MW Gurhah Solar Power Project in Jalaun, Uttar Pradesh. Secured through competitive bidding at a competitive tariff, this project promises 159.77 MU in its first year and 3716 MU over 25 years, contributing an estimated Rs. 48 crores annually. This milestone not only bolsters SJVN's total capacity to 2227 MW but also unlocks its potential to be a key player in India's renewable energy transition.

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 25,000 MW by 2030 and 50,000 MW by 2040. The Company has aligned its shared vision with that of the Government of India’s target of achieving 50 per cent energy from non-fossil fuel sources by 2030.

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. The company reported positive numbers in its Quarterly Results (Q2FY24) & and half-yearly results (H1FY24) for the year ended September 30, 2023.

Today, shares of SJVN Ltd plunged 0.50 per cent to Rs 92.86 per share from its previous closing of Rs 93.33 with an intraday high of Rs 94.10 and an intraday low of Rs 92.25. This company has a market cap of over Rs 36,000 crore with a 3-year CAGR of 50 per cent. The stock gave multibagger returns of 120 per cent in 6 months while the BSE Sensex Index is 9.4 per cent.

Disclaimer: The article is for informational purposes only and not investment advice. 

Mid Bridge