Buy SJVN, target price Rs 58: Axis Securities

Axis Securities has buy call on SJVN with a target price of Rs 58. The current market price of SJVN is Rs 45.36. Axis Securities recommended to keep stop loss at Rs 40

SJVN, incorporated in the year 1988, is a Mid Cap company (having a market cap of Rs 17841.27 Crore) operating in Power sector.

SJVN key Products/Revenue Segments include Power Generation, Other Operating Revenue and Consultancy Income for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 582.78 Crore, down -18.06 % from last quarter Total Income of Rs 711.24 Crore and up 47.97 % from last year same quarter Total Income of Rs 393.85 Crore. Company has reported net profit after tax of Rs 16.14 Crore in latest quarter.

Investment Rationale
Weekly “rounding bottom” breakout at 42 levelsalong with huge volumes.

Promoter/FII Holdings
Promoters held 86.77 per cent stake in the company as of 31-Mar-2023, while FIIs owned 1.75 per cent, DIIs 4.06 per cent.