Dividend On Feb 9: Miniratna PSU Power Stock Surges 336% In 1-Yr, Wins Solar Project

Miniratna status public sector undertaking SJVN Ltd shares rallied 11.49% till 11:43 am today after some key announcements and winning a solar project on January 25, 2024. The Board Of Directors of SJVN are scheduled to hold a meeting on February 9, 2024 to consider & approve financial results and interim dividend. SJVN shares rallied 160% in last 6-months and 92% in last 3-months. Earlier this year on January 25, 2024, SJVN won 100 MW Solar Project @Rs 2.54/Unit on Build Own and Operate basis through a tariff based competitive bidding process of GUVNL Phase XXI. Check details below:

SJVN To Consider Financial Results, Interim Dividend: As per the BSE filing of the company dated February 1, 2024, "Pursuant to Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that a Meeting of the Board of Directors is scheduled to be held on Friday, 9th February 2024, inter-alia, to consider and approve the financial results of the Company for the quarter ended 31st December 2023 and interim dividend for the FY 2023-24, if any."

SJVN Declares Change In Directorate: The company issued a regulatory filing today stating, "the Ministy of Power through its order dated 31st January 2024 has informed that the Appointments Committee of the Cabinet has accepted the resignation tendered by Shri Nand Lal Sharma, Chairman and Managing Director ("CMD") and has relieved him from the post of CMD of the Company with immediate effect."

Further, in continuation to this, Ministry of Power has entrusted Smt. Geeta Kapur, Director (Personnel), SJVN Limited with an additional charge of the post of Chairman and Managing Director, SJVN Limited with effect from 1st February 2024, for a period of three months or until further orders, whichever is earlier, added the BSE filing of the company.

SJVN Bags 100 MW Solar Project: According to the BSE filing of the company dated January 25, 2024, "The Company successfully bagged 100 MW Solar Project @Rs 2.54/Unit on Build Own and Operate basis through a tariff based competitive bidding process of GUVNL Phase XXI. This Ground Mounted Solar Project shall be developed by the Company through its wholly owned subsidiary i.e., SJVN Green Energy Limited ("SGEL") at a tentative cost of Rs 550 crores. The project shall be executed by SGEL in Solar Park being developed by Gujarat Industrial Power Corporation Limited in Khavda, Gujarat through EPC contract. The Power Purchase Agreement shall be executed after issuance of Letter of Award from GUVNL."

The project is expected to generate about 252 million units in its first year of commissioning and the cumulative energy generation over a period of 25 years would be about 5,866 million units. Further, the commissioning of this solar project is anticipated to reduce 2,87,463 tonnes of carbon emissions, added the BSE filing of SJVN.

SJVN Ltd Stock Performance & Return: 52-week high price of SJVN Ltd shares on BSE is quoted at Rs 146.30 apiece and 52-week low price is Rs 30.39 per share, respectively. The company has a market capitalisation of Rs 55,862.04 crore. SJVN shares gave shareholders attractive returns over the years. In last 3-months, SJVN shares gained 92%, rose 160% in last 6-months, rallied 336% in last 1-years, and offered gain of 469% in last 3-years. In last 5-years, the scrip jumped 478%.

SJVN Financials: The state-owed company for the quarter ended September 30, 2023 declared its net profit at Rs 439.6 crore, down 1.3% year-on-year (YoY) from Rs 445.4 crore reported in the corresponding quarter of last year, as per its regulatory filing. Meanwhile, at the operating level, EBITDA fell 0.9% to Rs 706.2 crore for quarter under review as against Rs 712.6 crore in the corresponding period of last year. EBITDA margin stood at 80.4% in the reporting quarter against 81.1% in the corresponding period of the last fiscal.

SJVN Ltd About: It is a Mini Ratna, Category-I and Schedule -'A' CPSE under administrative control of Ministry of Power, Govt. of India, was incorporated on May 24, 1988 as a joint venture of the Government of India (GOI) and the Government of Himachal Pradesh (GOHP). SJVN is now a listed Company having shareholders pattern of 55.00% with Govt. of India, 26.85% with Govt. of Himachal Pradesh and rest of 18.15% with Public. SJVN is presently implementing or operating power projects in Himachal Pradesh, Uttarakhand, Bihar, Maharashtra, Uttar Pradesh, Punjab, Gujarat, Arunachal Pradesh, Rajasthan, Assam, Odisha, Mizoram and Madhya Pradesh in India besides neighboring country of Nepal, according to its official website.

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