SJVN Ltd

The key equity benchmarks continued to trade with limited losses in morning trade. The Nifty traded below the 21,900 level. Realty stocks declined for fifth straight day.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was down 374.90 points or 0.52% to 72,114.09. The Nifty 50 index dropped 133.80 points or 0.61% to 21,862.05.

In the broader market, the S&P BSE Mid-Cap index dropped 1.12% while the S&P BSE Small-Cap index fell 0.79%.

The market breadth was weak. On the BSE, 1,080 shares rose and 2,287 shares fell. A total of 158 shares were unchanged.

Politics:

India is gearing up for its election in 2024. The BJP is looking to consolidate its grip on power as it aims for a historic third term while a band of opposition parties, including the Congress, has formed a united front called INDIA to deny PM Modi another victory. The elections will occur in 7 phases, starting on 19 April and ending on 1 June. The Lok Sabha elections 2024 results will declared on 4 June.

Earnings Today:

Wipro, HDFC Asset Management Company, Jio Financial Services, Hindustan Zinc, Elecon Engineering, KP Green Engineering, Sejal Glass, Rajnish Wellness, Roselabs Finance, Rajnish Retail, Amal, Benares Hotels, Sybly Industries, and VL E-Governance & IT Solutions will announce their quarterly results later today.

Buzzing Index:

The Nifty Realty index slipped 1.44% to 919.30. The index tumbled 4.33% in five trading sessions.

Phoenix Mills (down 4.36%), Sobha (down 2.57%), Sunteck Realty (down 1.89%), DLF (down 1.83%), Godrej Properties (down 1.45%), Brigade Enterprises (down 1%), Oberoi Realty (down 0.98%), Macrotech Developers (down 0.85%), Mahindra Lifespace Developers (down 0.53%) edged lower.

Stocks in Spotlight:

SJVN declined 2.39%. The company said that its wholly owned subsidiary, SJVN Green Energy has incorporated a joint venture company with Assam Power Distribution Company named, SGEL Assam Renewable Energy.

Dhanlaxmi Bank shed 1.85%. The bank said that the Reserve Bank of India (RBI) has granted its approval for the appointment of Ajith Kumar K.K as the managing director & CEO of the bank for a period of 3 three years.

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The joint venture company shall carry out business in the field of power generation from all renewable energy sources including Hydro Power by setting up power plants.

SJVN Green Energy will hold 51% in SGEL Assam Renewable Energy. <{P> SJVN is engaged in electricity generation. The company is also engaged in the business of providing consultancy.

The company’s consolidated net profit dropped 51.65% to Rs 138.97 crore on 1.57% decline in revenue from operations to Rs 543.31 crore in Q3 FY24 over Q3 FY23.

The scrip rose 0.35% to Rs 127.85 on Thursday, 18 April 2024.

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SJVN announced that the wholly owned subsidiary of the Company i.e., SJVN Green Energy has incorporated a Joint Venture Company with Assam Power Distribution Company named “SGEL Assam Renewable Energy” vide Certificate of Incorporation dated 18 April 2024 issued by the Ministry of Corporate Affairs, Government of India.

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Geeta Kapur, chairman & managing director of SJVN said, “SJVN Green Energy has earlier bagged the 200 MW solar project through tariff based competitive bidding at a tariff of Rs 2.66 per unit on build own and operate (BOO) basis for which e-RA was conducted on 2 March 2024 by GUVNL.”

Kapur further stated that the tentative cost of construction and development of this project is Rs 1,100 crore. The project is to be developed at Gujarat State Electricity Corporation (GSECL) solar park at Khavda. The power purchase agreement shall be executed with GUVNL after adoption of tariff by Gujarat electricity regulatory commission (GERC).

The project shall be commissioned in a period of 18 months from the date of signing of power purchase agreement (PPA), she added.

The project is expected to generate 508.40 million units in the first year after commissioning and the projected cumulative energy generation over a period of 25 years would be about 11,698.16 million units, said the company.

Commissioning of this project is expected to reduce 5,73,210 tonnes of carbon emission and would contribute in Government of India (GoI) mission of reduction in carbon emission, it added.

SJVN is engaged principally engaged in electricity generation. The company is also engaged in the business of providing consultancy.

The company’s consolidated net profit dropped 51.65% to Rs 138.97 crore on 1.57% decline in revenue from operations to Rs 543.31 crore in Q3 FY24 over Q3 FY23.

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Geeta Kapur, chairman & managing director of SJVN said, “SJVN Green Energy has earlier bagged the 200 MW solar project through tariff based competitive bidding at a tariff of Rs 2.66 per unit on build own and operate (BOO) basis for which e-RA was conducted on 2 March 2024 by GUVNL.”

Kapur further stated that the tentative cost of construction and development of this project is Rs 1,100 crore. The project is to be developed at Gujarat State Electricity Corporation (GSECL) solar park at Khavda. The power purchase agreement shall be executed with GUVNL after adoption of tariff by Gujarat electricity regulatory commission (GERC). The project shall be commissioned in a period of 18 months from the date of signing of power purchase agreement (PPA), she added.

The project is expected to generate 508.40 million units in the first year after commissioning and the projected cumulative energy generation over a period of 25 years would be about 11,698.16 million units, said the company.

Commissioning of this project is expected to reduce 5,73,210 tonnes of carbon emission and would contribute in Government of India (GoI) mission of reduction in carbon emission, it added.

SJVN is engaged principally engaged in electricity generation. The company is also engaged in the business of providing consultancy.

The company’s consolidated net profit dropped 51.65% to Rs 138.97 crore on 1.57% decline in revenue from operations to Rs 543.31 crore in Q3 FY24 over Q3 FY23.

Shares of SJVN surged 5.27% to end at Rs 124.80 on Friday, 15 March 2024.

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SJVN Green Energy (SGEL), the renewable arm of SJVN has received the Letter of Intent (LOI) from Gujarat Urja Vikas Nigam (GUVNL) for 200 MW Solar Project in GUVNL Phase-XXIII.

The tentative cost of construction and development of this project is Rs.1100 crore. The Project is to be developed at Gujarat State Electricity Corporation Limited (GSECL) Solar Park at Khavda. The Power Purchase Agreement shall be executed with GUVNL after adoption of tariff by GERC. The Project shall be commissioned in a period of 18 months from the date of signing of PPA.

The project is expected to generate 508.40 million units in the 1st year after commissioning and the projected cumulative energy generation over a period of 25 years would be about 11698.16 million units. Commissioning of this Project is expected to reduce 573210 Tonnes of carbon emission and would contribute in GoI mission of reduction in carbon emission.

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SJVN Green Energy (SGEL) the renewable arm of SJVN has received the Letter of Intent (LOI) from Gujarat Urja Vikas Nigam (GUVNL) for 500 MW Solar Project in GUVNL Phase -XXI.

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SGEL has earlier bagged the 500 MW (100 MW + 400 MW green shoe) project through tariff based competitive bidding at a tariff of Rs 2.54 /Unit on build own and operate (BOO) basis on e-RA was conducted on 25 January 2024 by GUVNL.

The tentative cost of construction and development of this project is Rs 2700 crore. The project is to be developed at GIPCL Solar Park at Khavda.

The power purchase agreement shall be executed with GUVNL after adoption of tariff by GERC. The project shall be commissioned in a period of 18 Months from the date of signing of PPA, which by November 2025.

The project is expected to generate 1,271.07 million units in the first year after commissioning and the projected cumulative energy generation over a period of 25 years would be about 29,245.40 million units.

The commissioning of this project is expected to reduce 14,33,025 tonne of carbon emission and would contribute in GoI mission of reduction in carbon emission.

SJVN is engaged principally engaged in electricity generation. The company is also engaged in the business of providing consultancy.

The company’s consolidated net profit dropped 51.65% to Rs 138.97 crore on 1.57% decline in revenue from operations to Rs 543.31 crore in Q3 FY24 over Q3 FY23.

The scrip shed 7.11% to currently trade at Rs 104.45 on the BSE.

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Geeta Kapur, chairman & managing director, SJVN informed that SGEL has entered into long term power usage agreement (PUA) & power purchase agreement (PPA) with Rajasthan Urja Vikas and IT Services (RUVITL) for 25 years for supply of cumulative 600 MW Solar Power.

SJVN has signed a power usage agreement with RUVITL for 500 MW solar power from Bikaner Solar Power Project and also signed a power purchase agreement (PPA) with RUVITL for 100 MW solar power from Rajasthan Solar Power Project.

The power usage agreement was signed for supply of 500 MW Power at a tariff of Rs 2.57 per unit from 1000 MW Bikaner solar power project being developed by SGEL under the Phase-II (Tranche-3) of the CPSU Scheme.

The Bikaner solar project is the country’s largest single location project being developed at Village Banderwala, Bikaner, Rajasthan. The project is expected to generate 2454.84 million units in the first year and the cumulative energy generation over a period of 25 years would be about 56,474 million units. The project is being developed at a cost of Rs 5,491 crore and expected to commission by 30 September 2024.

With signing of this PUA, SGEL has secured tie-up of entire 1000 MW for this project. The other two beneficiaries from this project are UPPCL (200 MW) and JKPCL (300 MW).

The power purchase agreement was signed for supply of 100 MW solar power at a tariff of Rs 2.62 per unit from the project bagged by SGEL through competitive bidding. This project shall be developed at 387.56 Acres of land of Sambhar Salts Limited at Nawa, Rajasthan leased in favour of SGEL for 28 years.

The project shall be developed on build own and operate (BOO) basis at a tentative cost of around Rs 550 crore. The project is expected to generate 252 million units in the first year and the cumulative energy generation over a period of 25 years would be about 5,866 million units.

SJVN is engaged principally engaged in electricity generation. The company is also engaged in the business of providing consultancy.

The company’s consolidated net profit dropped 51.65% to Rs 138.97 crore on 1.57% decline in revenue from operations to Rs 543.31 crore in Q3 FY24 over Q3 FY23.

The scrip shed 0.82% to currently trade at Rs 121.20 on the BSE.

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SJVN announced that its subsidiary, SJVN Green Energy has received letter of awards for cumulative 1,352 MW of solar power project to be developed at various locations in the districts of Nashik, Solapur, Ahmednagar & Pune Districts of Maharashtra under the Mukhya Mantri Saur Krushi Vahini Yojana.

These projects have been bagged by SGEL through competitive bidding by participation for 1,500 MW (500 MW in Round 1 and 1,000 MW in Round 2) tender floated by MSEB Agro Power (MSAPL), Maharashtra for total capacity of 7,000 MW. The aforesaid scheme was launched for implementation of feeder level solarisation under component C of PM-KUSUM scheme.

Further, the total investment for development of these 1,352 MW Solar Power Projects will be about Rs 7,436 crore which shall be SGEL's first contribution towards the prestigious PM-KUSUM Scheme. These projects shall be eligible up to a maximum Central Financial Assistance of 30% of the Project Cost.

The Company is on rapid progression to achieve its Shared Vision of 25,000 MW by 2030 & 50,000 MW by 2040. This Shared Vision has been formulated in sync with the commitment of the Government of India of generating 50% energy from non-fossil fuel-based energy resources by 2030.

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