PSU hits fresh 52-week high; inks MoU to develop 5,000 MW renewable energy projects in Maharashtra!
The stock has gained momentum in the past 1 year as it has given more than 60 per cent returns.
On Monday, the shares of SJVN Limited surged by 6.51 per cent, to hit a new 52-week high of Rs 42.90 per share on BSE. The scrip witnessed spurt in volume by more than 2.26 times.
The government's directive to all states and union territories (UTs) is to draught a renewable energy (RE) strategy, with a focus on land acquisition, to assist India in meeting its target of 500 gigatonnes (GW) of RE capacity by 2030.
The consolidated financial results of SJVN Ltd for Q4FY23 reported total revenue of Rs 504 crore and witnessed a surge of 56.03 per cent YoY basis from last year's same quarter. In similar fashion, operating profit witnessed an increase of 24.47 per cent from corresponding quarter last year to Rs 178 crore. The PAT (profit after tax) zoomed by 142.85 per cent from March 2022 quarter to report Rs 17 crore.
Correspondingly, consolidated financial statements for FY23 reported its total revenue at Rs 2,938crore, up by 21.55 per cent over FY22. Operating profit stood at Rs 2,220 crore, surged 23.74 per cent compared to previous year. Net profit of the company soared by 37.27 per cent, as compared to FY22 to Rs 1,359 crore.
The dividend yield on this stock is 4.05 per cent. The company has maintained a healthy dividend payout of 72.0 per cent.
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SJVN is in the electricity producing business. In addition, the organisation provides consulting services for hydropower projects. The stock has gained momentum in the past 1 year as it has given more than 60 per cent returns. Keep a close eye on this mid-cap power generation stock.