President of India’s portfolio sold 19,34,60,204 shares & FIIs increase stake: LIC-backed power generation company signs a joint venture agreement with Indian Oil
The stock gave multibagger returns of 270 per cent in just 1 year while the BSE Sensex Index is up by 18.3 per cent.
The board of directors of SJVN Limited, a joint venture between the Government of India (GOI) and Himachal Pradesh Government (GOHP), approved a joint venture agreement with Indian Oil Corporation Limited (IOCL) to form a new company. This 50:50 joint venture company will focus on developing green round-the-clock (RTC) renewable energy projects and other new technology-based projects. The initial authorized capital of the joint venture company will be Rs 250 crore, with a paid-up capital of Rs 2 crore divided into 20 lakh shares of Rs 10 each. Since both SJVN and IOCL are government-promoted entities, the agreement will be executed at arm's length to avoid any conflict of interest. The specific details of the joint venture's projects and objects will be determined upon finalization of the agreement and receipt of necessary approvals.
The company is on rapid progression to achieve its shared vision of 25,000 MW by 2030 & 50,000 MW by 2040. This shared vision has been formulated in sync with the commitment of the Government of India to generate 50 per cent of energy from non-fossil fuel-based energy resources by 2030.
SJVN, formerly known as Satluj Jal Vidyut Nigam Ltd, is an Indian public sector undertaking involved in hydroelectric power generation and transmission. It was incorporated in 1988 as Nathpa Jhakri Power Corporation, a joint venture between the Government of India and the Government of Himachal Pradesh.
Also Read: Vijay Kedia gains Rs 12,06,05,760 from this multibagger engineering stock in just 1 day as the company reports a 197 per cent jump in net profit
The company has a market cap of over Rs 50,000 crore and has been maintaining a healthy dividend payout of 65.4 per cent. The company reported positive numbers in its Quarterly Results (Q4FY24) and annual results (FY24) for the year ended March 31, 2023. As of March 2024, Life Insurance Corporation of India (LIC) owns 1.73 per cent while FIIs bought 2,68,31,848 shares and increased their stake to 2.36 per cent compared to 1.68 per cent in December 2023.
The President of India’s portfolio sold 19,34,60,204 shares and decreased their stake to 55 per cent in March 2024 compared to 59.92 per cent in March 2023. The stock gave multibagger returns of 270 per cent in just 1 year while the BSE Sensex Index is up by 18.3 per cent. Investors should keep an eye on this power stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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