SJVN Stock Gains as Mechanical Spinning Begins at Uttarakhand Project

Shares of SJVN saw a nearly 1% increase in opening trade on September 28, starting at Rs 70.50 on the National Stock Exchange.

The hydropower company, SJVN, recently initiated the mechanical spinning process for unit-I of the 60 MW Naitwar Mori Hydro Electric Project (NMHEP) located in Uttarakhand’s Mori region.

As per a regulatory filing by SJVN, this project is expected to produce 265.5 million units of electricity annually. Additionally, the company has established a 37-km 220 KV transmission line to facilitate the power evacuation from Naitwar Mori HEP, stretching from Bainol to Snail.

The filing also emphasized the company’s dedication to harnessing energy from non-fossil fuel sources, aligning with its vision of becoming a 50,000 MW company by 2040 as part of its commitment to a sustainable future.

According to a CNBC TV18 report, SJVN’s board recently granted in-principle approval for the monetization of a portion of the earnings from the Nathpa Jhakri Hydro Power Station through the securitization of its future Return on Equity (RoE). This decision followed the conclusion of a two-day Offer for Sale (OFS) process in which the government aimed to sell up to a 4.92 percent stake, including a greenshoe option.

SJVN is actively involved in the generation and sale of hydroelectric power and is engaged in the planning, development, operation, and maintenance of various hydroelectric power projects.

At 9:58 am, the stock was trading at Rs 70.30 on the National Stock Exchange, marking a 0.57 percent increase from the previous day’s closing price.

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