Shares of SJVN Ltd jumped 7% to hit a day's high of ₹127.65 apiece on NSE after the state-run hydro power company signed a power usage pact with Jammu & Kashmir Power Corporation Ltd (JKPCL) for 300 MW solar power capacity.
"This is to inform you that the wholly owned subsidiary of the company i.e., SJVN Green Energy Limited ('SGEL') has signed the Power Usage Agreement (PUA) with Jammu and Kashmir Power Corporation Limited (JKPCL) at Jammu on 23.02.2024 for 300 MW solar power capacity," the company said in an exhange filing.
Further, this 300 MW power will be supplied to JKPCL from the under construction 1,000 MW Bikaner Solar project, which is being developed under the CPSU Scheme of IREDA at a cost of ₹5,491 crore. The project is being developed under the Domestic Content Requirement (DCR) mode and is slated for commissioning by July, 2024.
Power from this project is for government use either directly or through discom.
The company is on a rapid progression to achieve its Shared Vision of 25,000 MW by 2030 and 50,000 MW by 2040. This Shared Vision has been formulated in sync with the commitment of the government's of generating 50% energy from non-fossil fuel-based energy resources by 2030, it said.
At 12:15 pm, the scrip was trading 3.35% higher at ₹123.50 apiece on NSE. The stock is up 33% so far this year.
First Published: Feb 26, 2024 11:41 AM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Over 50 onion farmers detained in Nashik ahead of PM Modi's visit
May 16, 2024 11:14 AM
Why Google CEO is cautiously optimistic about the election year
May 16, 2024 9:51 AM
Mark Mobius reveals how markets will react if NDA wins 400+ Lok Sabha seats
May 15, 2024 8:09 PM