SJVN gains on gearing up to set up 90 MW floating solar project in Madhya Pradesh

Shares of SJVN have surged more than 16% in the last 6 months.

On January 17, 2023, the company informed in the exchange filing that SJVN is gearing up to set up a 90 MW floating solar project in Omkareshwar, Madhya Pradesh at an investment of Rs 650 crore. The project is scheduled to be commissioned by December 2023. The company performed bhumi pujan at the project site for the commencement of engineering, procurement and construction (EPC) work of the project at Omkareshwar Reservoir.

The project was bagged at a tariff of Rs 3.26 per unit on the build own and operate model in a bidding process conducted by REWA Ultra Mega Solar (RUMSL). Energy generation of 196 million units in the first year and cumulative energy generation of about 4,570 million units for 25 years is expected from the project. On commissioning, carbon emission reduction to the tune of 2,23,923 tonnes is expected, which will be a significant contribution to the government of India's mission of net zero carbon emission by 2070.

Today, the stock opened at Rs 33.70 with a high and low of Rs 34.10 and Rs 33.70. The stock closed trading today at Rs 33.90, up by 0.15%.

In the last six months, the shares of the company have given more than 16% returns and on a YTD basis, the stock has given about -3% returns. The BSE group 'A' stock of face value of Rs. 10.

The stock has a 52-week high of Rs 42.25 and a 52-week low of Rs 25.45. The company has a ROCE of 9.29% and an ROE of 7.78%, with a market capitalisation of Rs 13,322 crore.