SJVN shares resist market fall; close higher due to new order win

The shares of SJVN Ltd closed higher by nearly 1 per cent despite 1.13 per cent fall in the benchmark index-Sensex, on Friday.

One of the major reasons for the resistance shown by the stock was the announcement of securing a new order by the company. The company reported that it had participated in an open bidding process for the allotment of 100 MW in Dholera Solar Park (Gujarat). In regards to this bidding, the company reported that it has now bagged this allotment. The scope of work is of the capacity, 100 MW at Rs 2.80/unit on build own and operate (BOO) model.

The company further mentioned that the approximate cost of the project is nearly Rs 450 crore. It is expected to generate 244 MU/year. Besides, a power purchase agreement (PPA) shall be signed between GUVNL and SJVN for 25 years. This 100 MW Solar Plant is expected to be commissioned by March 2022.

The market sentiment remained lower during the day but the share price of SJVN saw a slight recovery after the news of the new order win was released. Its shares closed at Rs 22.35 on BSE.