Miniratna PSU Spikes 15% to Lifetime High, Rallies 113% So Far This Year

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Miniratna PSU Spikes 15% to Lifetime High, Rallies 113% So Far This Year

By Malvika Gurung

Investing.com -- Shares of the state-owned hydroelectric power generator SJVN (NS: SJVN ) recorded a new all-time high of Rs 73.7 apiece on Monday after skyrocketing 15.15% in the intraday trade. The stock has been rising for three consecutive sessions, jumping 19% in the period.

The Miniratna public sector undertaking (PSU) stock has shot up 30.72% in a month and rallied 112.7% so far this year. Shares of the company have soared 104.2% over a one-year period, making it a multibagger in nature.

The state-owned company’s wholly owned subsidiary SJVN Green Energy Limited (SGEL), a wholly-owned subsidiary of the company, has secured an 18 MW Solar Power project.

SJVN Green Energy has signed a power purchase agreement (PPA) with Bhakra Beas Management Board (BBMB) for 18 MW of solar power.

As per the project details, it will be developed on the land parcels of BBMB in the states of Himachal Pradesh and Punjab and is scheduled to be commissioned by August 2024.

SGEL secured the said project through open competitive bidding at a tariff of Rs 2.63 per unit in the reverse auction organized by Punjab Energy Development Agency, stated SJVN.

The solar power project will generate a total of 39.42 million units of energy in the first year of operation and the cumulative energy generation over a period of 25 years would be about 917 million units.

The PPA between the two parties has been signed for 25 years, with the commissioning of the project expected to reduce carbon emissions by 44,923 tonnes.

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