SJVN Surges To Five-Month High On Rs 14,000-Crore Order Win
The stock rose as much as 13.19% in early trade to Rs 159.65 apiece on the NSE.
Share of SJVN Ltd. jumped over 13% on Friday after it bagged a Rs 13,947-crore pumped-storage project in Mizoram. Earlier today, about 1.25 million shares of the power generation company were traded in a block deal, according to Bloomberg.
The company received a letter of intent from the Mizoram government for the allotment of the Darzo Lui Pumped Storage Project, marketing SJVN's first venture in the state.
The Darzo Lui Pumped Storage Project, with an installed capacity of 2,400 megawatts, is proposed to be developed across Darzo Nallah, a tributary of the Tuipui River. The project has an estimated completion cost of Rs 13,947.5. It is designed as an on-stream closed-loop pumped storage project, consisting of eight units of 300 megawatts each.
On the NSE, SJVN's stock rose as much as 13.19% in early trade to Rs 159.65 apiece, the highest since Feb. 8. It was trading 10.4% higher at Rs 155.8 per share, compared to a 0.2% advance in the benchmark Nifty at 9:20 a.m.
The share price has risen 166% in the last 12 months and 71% on a year-to-date basis. The relative strength index was at 64.
Three out of the six analysts tracking the company have a 'buy' rating on the stock and as many suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 42%.
