Rs 2,700 crore project win and FIIs & DIIs increase stake: This multibagger power generation company bags a 500 MW solar power project!
Shares of the company grew by more than 240 per cent in the last one year.
SJVN Limited’s subsidiary, SJVN Green Energy Limited (SGEL) has secured a major win with a Letter of Intent (LOI) for a 500 MW solar project from Gujarat Urja Vikas Nigam Limited (GUVNL). This project, part of GUVNL Phase XXI, will be built on a Build Own and Operate (BOO) basis at a competitive tariff of Rs. 2.54 per unit. Located at the GIPCL Solar Park in Khavda, Gujarat, the project is estimated to cost Rs. 2,700 crores.
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GUVNL also holds the option to expand the project by 400 MW under the same terms, potentially raising capacity to 900 MW. Upon approval by the Gujarat Electricity Regulatory Commission (GERC), SGEL will construct the project within 18 months. This solar park is expected to generate 1.27 billion units of clean energy in its first year and contribute significantly to reducing carbon emissions over its 25-year lifespan.
In Q3FY24, SJVN posted weak Quarterly Results with a 1.57 per cent decrease in its consolidated revenue at Rs 543.31 crore compared to Rs 551.99 crore from the previous year’s corresponding quarter. The operating profit of the company stood at Rs 432.88 crore, while the PAT of the company stood at Rs 129.10 crore, from Rs 251.97 crore last year in the same quarter.
The shares of the company have multibagger returns of more than 240 per cent in the last one year and FIIs and DIIs increased their stake in the company in December 2023 respectively.
The stock has shown impressive growth, 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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