SJVN Shares Surge 14% Following ₹14,000 Crore Project Win in Mizoram
Shares of state-run SJVN Ltd. saw a remarkable surge of up to 14% in early trading on Friday.
Shares of state-run SJVN Ltd. saw a remarkable surge of up to 14% in early trading on Friday after the company announced a significant project win worth nearly ₹14,000 crore in Mizoram. This marks SJVN’s first project in the north-eastern state, signaling a major expansion in its operational footprint.
Project Details
- Project Location: Darzo Nallah, a tributary of the Tuipui river in Mizoram.
- Installed Capacity: 2,400 MW
- Estimated Cost: ₹13,947.5 crore (including financing costs)
- Annual Energy Generation: 4,993.2 million units with 95% plant availability
- Project Duration: Expected completion within 72 months
- Project Components: Eight units of 300 MW each
SJVN received the Letter of Intent for the Darzo Lui Pumped Storage project from the Government of Mizoram. The project is set to include the construction and operation of eight 300 MW units, significantly contributing to the region's energy infrastructure. The company will finalize the agreement with the Mizoram government within three months.
Strategic Partnerships and Future Plans
In addition to this major project in Mizoram, SJVN is collaborating with the Indian Renewable Energy Development Agency (IREDA) to develop 900 MW hydro-electric projects in Nepal. These plans are contingent upon approval from central and regulatory authorities.
Market Impact and Shareholding Changes
Following the project announcement, SJVN’s shares were trading 10% higher at ₹155 on Friday. The stock has shown impressive performance, up 67% so far in 2024.
LIC Stake Increase: According to the June quarter shareholding pattern released on the BSE, Life Insurance Corporation of India (LIC) has increased its stake in SJVN to 2.26%, up from 1.73% at the end of the March quarter.
Retail Investor Activity: Small shareholders with an authorized share capital of up to ₹2 lakh have also increased their stakes, with their numbers rising by approximately 50,000 from 11.6 lakh to 12.13 lakh between the March and June quarters.
Conclusion
SJVN's substantial project win in Mizoram underscores its growing influence and capacity in India's energy sector. The company's strategic initiatives and successful expansion into new regions reflect its commitment to enhancing the country’s energy infrastructure. With increasing investor confidence and significant project milestones, SJVN is poised for continued growth and success.
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