Multibagger stock SJVN surges by 7% today; here’s why

SJVN Ltd which is in the business of power generation surged by 7.28% today on a strong outlook. On BSE, shares of the company have seen a spurt in volume by more than 5.47 times. In the last trading session, the stock closed at Rs 76. Today, it opened at Rs 76.11 and closed at Rs 81.53, up by 7.28%.

Today’s day high was Rs 82.61 and missed breaking its 52-week high which is at Rs 83.69 while its 52-week low stands at Rs 30.39. The company currently boasts a market capitalization of approximately Rs 32,000 crore. Over the past six months shares of the company have given multibagger returns of 129.27%, in the same time frame BSE Utilities has changed by 32.36%.

SJVN Limited is an Indian public sector undertaking which is engaged in the business of hydropower generation and transmission. It is a joint venture between the Government of India and the Government of Himachal Pradesh and was incorporated in 1988 as Nathpa Jhakri Power Corporation. SJVN is one of the largest hydropower companies in India and is committed to generating clean and green energy.

Recently the company won a 200 MW wind power project at a tariff of Rs 3.24 per unit in an open competitive bidding process conducted by the Solar Energy Corporation of India (SECI) which cost around Rs 1,400 crore with the allotment of this project the wind portfolio of SJVN now stands at 497.6 MW. Furthermore, SJVN Limited has successfully connected the first unit of its 60 MW Naitwar Mori Hydro Electric Project to the national grid. The project comprising two 30 MW generating units is anticipated to generate 265.5 million units of electricity annually.

The company’s aim is 12,000 MW by 2026 and 50,000 MW installed capacity by 2040. The Company has aligned its shared vision with that of the Government of India’s target of achieving 50% energy from non-fossil fuel sources by 2030.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.