SJVN shares zoom 7% as co signs MoU with Rajasthan government

Shares of SJVN zoomed 6.5% to their day’s high of Rs 110.25 on the BSE in Friday's trade as the company announced that it has signed a memorandum of understanding (MoU) with the Energy Department, Government of Rajasthan for the development of renewable energy in the state.

“In compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is intimated that the Company has signed a Memorandum of Understanding (MoU) with Energy Department, Government of Rajasthan to spearhead the development of renewable energy in the state,” said the company in a filing to the exchanges.

Under the MoU, SJVN would be developing 5 GW pumped storage projects and 2 GW floating solar projects in the state.


“Both the parties have agreed to collaborate for the development of renewable energy on a long-term basis,” the company said.

Recently, the company was also upgraded to the Navratna status.

Navratna companies are the top public sector undertakings (PSUs) because of their strong financial and operational performance. They can make large investments of up to Rs 1,000 crore without needing permission from the Central Government.

Along with SJVN, other companies RailTel and NHPC were also given the Navratna status, increasing the total number of these state-owned firms to 25.

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State-owned SJVN had reported a marginal rise in its consolidated net profit at Rs 441 crore for the second quarter ended on September 30, 2024. The same stood Rs 439.6 crore in the same period a year ago.

The shares of SJVN closed 1.85% lower at Rs 103.50 on the BSE on Thursday.

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