SJVN Stock Soars 13% After Winning ₹13,947 Crore Pumped Storage Project

SJVN Shares Surge:

SJVN’s share price jumped by 13.3% to ₹160 each on Friday morning, following the announcement of a major project win. The company received a Letter of Intent from the Government of Mizoram for the Darzo Lui Pumped Storage Project, its first project in the state.

Project Details:

The Darzo Lui Pumped Storage Project will have an installed capacity of 2,400 MW and is proposed across Darzo Nallah, a tributary of the Tuipui river. The project cost is estimated at ₹13,947.50 crore, including interest during construction and financing costs as of April 2023. This closed-loop facility will have eight 300-megawatt units and is expected to generate 4,993.20 million units of energy annually, with 95% plant availability. It will require 6,331.66 million units of energy annually to pump water to the upper reservoir and is expected to be completed in 72 months.

Recent Partnerships:

In June, SJVN’s subsidiary, SJVN Green Energy Limited (SGEL), signed an MoU with AM Green Ammonia (India) Private Limited. SGEL will provide 4.5 GW of renewable energy to support AM Green’s green ammonia production. The project will be executed in three phases, starting with 1,500 MW in the first two years.

Company Background:

SJVN is a Mini Ratna Category-I and Schedule-A Central Public Sector Enterprise (CPSE) under the Ministry of Power, Government of India. Founded on May 24, 1988, it is a joint venture between the Government of India and the Government of Himachal Pradesh. As of June 30, 2024, the Government of India owns 59.92% of SJVN, the Government of Himachal Pradesh owns 26.85%, and public shareholders own 13.23%.

Stock Performance:

SJVN’s stock has been performing well, driven by significant order wins and strategic partnerships. The share price has risen from ₹30.40 in March 2023 to ₹155, marking a 410% increase.