SJVN secures ₹14,000 Crore project in Mizoram; stock zooms ~14%

26 Jul 2024 , 10:39 AM

SJVN Ltd. shares rose up to 14% in early trade on Friday after the business announced an order win of around ₹14,000 Crore in Mizoram. This will be the company’s first project in the northeastern state.

The Government of Mizoram provided SJVN with a Letter of Intent for Allotment for the Darzo Lui Pumped Storage Project. The project has an installed capacity of 2,400 MW and is proposed across the Darzo Nallah, a tributary of the Tuipui River.

The project’s anticipated completion cost is ₹13,947.5 Crore, which includes finance charges.

The Mizoram project will include eight 300-MW units, having an annual energy generation capacity of 4,993.2 million units at 95% plant availability. The project is scheduled to be completed within 72 months.

SJVN plans to reach an agreement with the Mizoram government within three months.

SJVN will work with IREDA to establish 900 MW of hydroelectric projects in Nepal. The aforementioned will be subject to approval by the central government and other relevant statutory and regulatory bodies.

According to the June quarter shareholding pattern disclosed by the BSE, India’s largest insurance corporation, Life Insurance Corporation of India (LIC), boosted its position in the state-run hydroelectric utility to 2.26%. At the conclusion of the March quarter, LIC owned 1.73% of SJVN.

Between April and June, small shareholders with approved share capital of up to ₹2 Lakh increased their holdings by about 50,000 to 12.13 lakh, up from 11.6 lakh at the end of March.

At around 10.35 AM, SJVN was trading 8.20% higher at ₹152.60, against the previous close of ₹141.04 on NSE. The counter touched an intraday high and low of ₹159.65, and ₹152, respectively.

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