Multibagger penny stock under Rs 100 with 50,000 MW aim by 2040: This power company commences Mechanical Spinning of 60 MW Naitwar Mori Hydro Electric Project!
The stock is up by 84 per cent in just 3 months and 135 per cent in 1 year.
SJVN Ltd informed that the Company has commenced the Mechanical Spinning of Unit-I of the 60 MW Naitwar Mori Hydro Electric Project (NMHEP) at Mori, Uttarakhand.
The spinning of Turbine Generators and associated auxiliaries with water flow marks the final preparations for the synchronization of the Units. The Barrage and Head Race Tunnel have been filled with water as per procedural guidelines for filling the hydro project components.
The 60 MW Naitwar Mori Hydro Electric Project is a run-of-the-river project designed to harness energy from river Tons in the Uttarkashi district of Uttarakhand. The project will generate 265.5 million units of electricity annually. The Company has constructed a 37 km 220 KV Transmission Line for the evacuation of power from Naitwar Mori HEP from Bainol to Snail.
Earlier, the company and Power Finance Corporation Ltd (PFC) signed a Memorandum of Understanding (MoU) for financial assistance to various diversified portfolios of projects including majorly renewable energy projects and thermal generation projects to be set up at a total project cost of about Rs 1,18,826 crore.
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.
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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 Rs 28,763 crore with a 3-year CAGR of 50 per cent.
On Friday, shares of SJVN Ltd surged 1.04 per cent to Rs 73.19 per share from its previous closing of Rs 72.44.
Earlier, the company announced an offer for sale (OFS) wherein it proposes to sell up to 9,66,72,962 equity shares having a face value of (Rs 10 each, representing 2.46 per cent of the total issued and paid-up equity share capital of the company (Base Offer Size).
The stock is up by 84 per cent in just 3 months and 135 per cent in 1 year. Investors should keep an eye on this Mid-Cap power stock under their watchlist.
Disclaimer: The article is for informational purposes only and not investment advice.