SJVN Shares Hit Record High After Bagging Five Hydropower Projects In Arunachal Pradesh
The investment in these projects, totaling 5,097 megawatts, will be more than Rs 50,000 crore.
Shares of SJVN Ltd. hit an all-time high for the second day in a row on Tuesday after it bagged five hydropower projects in Arunachal Pradesh's Dibang Basin.
The investment in these projects, totaling 5,097 megawatts, will be more than Rs 50,000 crore. The construction of these projects will reduce carbon emissions by around 1.1 million tonne per year, according to an exchange filing.
The company is committed to achieve 25 GW of generation capacity by end of current decade, more than half of which is bound to come from renewable resources, it said.
Last Friday, the company, through its subsidiary SJVN Green Energy Ltd., received the letter of intent from the Punjab State Power Corp. for the procurement of 1,200 MW of solar power. The power purchase agreement will be signed for 25 years, it said.
SJVN expects to achieve 25 gigawatts of generation capacity by the end of the current decade, more than half of which is bound to come from renewable resources.
Shares of SJVN surged 9.81% intra-day to hit a fresh record high of Rs 62.7 apiece. The stock is trading 5.43% higher at Rs 60.20 per share as of 10.25 a.m., compared to a 0.02% decline in the NSE Nifty 50.
The stock has risen nearly 79.7% year-to-date. The total traded volume stood at 12.9 times its 30-day average. The relative strength index was at 85, implying that the stock maybe overbought.
All five analysts tracking the company maintain a 'buy' rating on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential downside of 17.6%.
