Following this news, shares of SJVN rose as much as 4.42%, the highest since Dec. 15, before settling 2.24% higher. The stock has risen 173.58% year-to-date. Among the five analysts tracking the company, three maintain a 'buy' rating, one recommends a 'hold,' and one suggests a 'sell', according to Bloomberg data.
Key takeaways:
- SJVN Ltd. has secured a 100 MW solar power project through e-Reverse Auction, conducted by Gujarat Urja Vikas Nigam Ltd.
- The project will be developed by SJVN's wholly owned subsidiary, SJVN Green Energy Ltd., at a tentative cost of Rs 550 crore.
- The project is expected to be commissioned within 18 months from the date of signing of the power purchase agreement, which will be valid for 25 years.
- Following the announcement, shares of SJVN rose as much as 4.42%, the highest since Dec. 15, before paring gains to trade 2.24% higher at 11:13 a.m.