Record Surge: SJVN Stock Soars 15 Percent on Solar Triumph

Record Surge: SJVN Stock Soars 15 Percent on Solar Triumph

VoM News Desk | January 29, 2024 | 12:12 PM IST | Breaking News | Follow on Google News

Record Surge: SJVN Stock Soars 15 Percent on Solar Triumph/PTI

Record Surge: SJVN Stock Soars 15 Percent on Solar Triumph

SJVN’s shares experienced a remarkable surge of nearly 15%, reaching a 52-week high following its recent success in securing a 100 MW solar project. The triumph unfolded during an e-reverse auction orchestrated by Gujarat Urja Vikas Nigam Ltd (GUVNL). Starting the trading session at ₹120.96 on the BSE, SJVN’s stock price hit both an intraday high of ₹134 and a low of ₹119.46.

Analyst Insight: Bullish Trends for SJVN Stock

Rajesh Bhosale, an Equity Technical and Derivative Analyst at Angel One, emphasized the strong uptrend in SJVN’s stock price. Observing positive traction, Bhosale highlighted that the stock had surged over 12% in the current session, backed by robust volumes. He anticipates this upward movement to persist, identifying support at ₹125 and resistance at ₹148.

Solar Triumph Details: SJVN’s Strategic Win

SJVN clinched the 100 MW solar project through a tariff-based competitive bidding in GUVNL Phase XXI. The company secured the project at a rate of ₹2.54 per unit, opting for a build-own-and-operate model. SJVN successfully acquired the entire stated capacity of the 100 MW solar power plant during GUVNL’s e-Reverse Auction.

In an exchange filing, SJVN revealed plans to develop the ground-mounted solar project through its wholly-owned subsidiary, SJVN Green Energy Limited (SGEL). Priced at ₹550 crore, the project will be executed under an Engineering, Procurement, and Construction (EPC) contract in the Solar Park located in Khavda, Gujarat, developed by Gujarat Industrial Power Corporation Limited.

Strategic Vision: SJVN’s Future Energy Landscape

With this recent addition, SJVN’s project portfolio now stands at an impressive 59,872 MW. The company is committed to achieving its New Mission of 12,000 MW by 2026 and a Shared Vision of 25,000 MW by 2030, ultimately targeting a substantial 50,000 MW in installed capacity by 2040. In its pursuit of renewable energy goals, SJVN’s solar project is projected to produce 252 million units in its first year of operation, contributing to a cumulative output of 5,866 million units over a 25-year lifespan.

VoM News Desk

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