LIC-backed SJVN's stock skyrockets after PSU bags Rs 14,000 crore pumped storage project in Mizoram
Mumbai/IBNS: Shares of Life Insurance Corporation (LIC)-backed Satluj Jal Vidyut Nigam Ltd (SJVN) rose 13 percent in early trades on Friday (July 26) after SJVN said it has secured a Letter of Intent from the Government of Mizoram to develop the 2,400 MW Darzo Lui Pumped Storage Project worth Rs 13,947 crore, marking the firm's entry to the North-Eastern state.
According to reports, SJVN stock zoomed 13,49 percent to Rs 159.60 in the current session on BSE.
The company's market capital stood at Rs 60,361 crore, and a total of 30.33 lakh shares changed hands amounting to a turnover of Rs 47.05 crore on BSE, reports Business Today.
This domestic project in Mizoram, which involves constructing a pumped storage facility on Darzo Nallah — a Tuipui river tributary, comprises eight 300 MW units and it is expected to generate 4,993.20 MU annually while consuming 6,331.66 MU for pumping.
The Rs 13,947 crore-project is scheduled for completion within 72 months, with a formal agreement between SJVN and the Government of Mizoram to be signed within three months, while the transaction is deemed to be at arm's length, as per media reports.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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