SJVN shares jump ~7% on signing pact with Rajasthan government

22 Nov 2024 , 11:36 AM

SJVN shares rose 6.5% to a day high of ₹110.25 on the BSE on Friday after the business announced the signing of a memorandum of understanding (MoU) with the Energy Department, Government of Rajasthan, to promote renewable energy in the state.
According to the MoU, SJVN would create 5 GW of pumped storage and 2 GW of floating solar projects in the state.
“Both the parties have agreed to collaborate for the development of renewable energy on a long-term basis,” the business informed exchanges.
The corporation was just upgraded to Navratna status.
Navratna businesses are the best public sector undertakings (PSUs) due to their excellent financial and operational performance. They can make substantial investments of up to ₹1,000 Crore without obtaining clearance from the Central government.
Along with SJVN, RailTel and NHPC were granted Navratna status, bringing the total number of state-owned corporations to 25.
SJVN, a state-owned company, reported a marginal jump in its consolidated net profit for the second quarter ended September 30, 2024, to ₹441 Crore. The company reported net profit of ₹439.6 Crore in the previous corresponding period.
At around 10.48 AM, SJVN was trading 3.76% higher at ₹107.33, against the previous close of ₹103.44 on NSE. The counter touched an intraday high and low of ₹110.30, and ₹105, respectively.
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