Multibagger penny stock under Rs 85: This power generation company commissions 60 MW hydroelectric power project; bags new order worth Rs 1400 crore!
Shares of the company grew by more than 130 per cent in the last six months.
On November 30, 2023, SJVN Limited informed in the exchange filing that it has successfully synchronized the second unit of the Naitwar Mori Hydro Electric Project with the National Grid. The project is located in Uttarakhand and will generate 265.5 million units of electricity annually. The company has also constructed a 37 km transmission line for the project. With this project, the company has successfully commissioned the 60 MW Naitwar Mori Hydro Electric Project (NMHEP).
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After commissioning, the project will provide free electricity to the state of Uttarakhand and financial assistance to project-affected families. The project will also contribute to the overall development of the area with infrastructure development and job creation. The company is committed to the energy goals of the Government of India and has set a target of 12,000 MW by 2026 and 50,000 MW by 2040.
A few days back they had successfully commissioned the first 30 MW unit of its 60 MW Naitwar Mori Hydro Electric Project (NMHEP) in Uttarakhand. The project was completed within six years despite the COVID-19 pandemic.
Recently, the company signed a PPA for a 200 MW wind power project with SECI. The project will be developed by SGEL and commissioned by November 2025. This project will strengthen SJVN's renewable energy portfolio and help it achieve its goal of 50,000 MW by 2040. The cost for development of this project is Rs 1,400 crores.
SJVN is engaged in the business of electricity generation. The company is also engaged in the business of providing consultancy for hydropower projects. The shares of the company have multibagger returns of about 240 per cent in the last three years and investors should keep a close eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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