Shares of SJVN Ltd. surged over 8% to their record high on Monday after it won a 100-MW solar power project from Gujarat Urja Vikas Nigam Ltd.
SJVN has secured the project at Rs 2.54 per unit on a build-own-and-operate basis in the tariff-based competitive bidding process of GUVNL.
SJVN's wholly-owned subsidiary, SJVN Green Energy Ltd., will execute a 100-MW solar project at a tentative cost of Rs 550 crore. The construction will take place in the solar park that Gujarat Industrial Power Corp. is creating in Khavda, Gujarat.
Shares of SJVN rose as much as 8.16% to Rs 125.95 apiece, the highest level since its listing on May 19, 2010. It was trading 7.17% higher at Rs 124.80 apiece as of 9:50 a.m. This compares to a 0.89% advance in the NSE Nifty 50 Index.
It has risen 272% in 12 months. Total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was at 75.95, which implied the stock is overbought
Two out of four analysts tracking the company maintain a 'buy' rating, one recommends a 'hold', and one suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 39.3%.
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