SJVN trades higher after mechanical spinning begins at Uttarkhand project

The company recently commenced the mechanical spinning of unit-I of 60 MW Naitwar Mori Hydro Electric Project at Mori in Uttarakhand

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The SJVN stock opened nearly a percent higher from the previous day on September 28 at Rs 70.50 on the National Stock Exchange.

The hydropower generator recently commenced the mechanical spinning of unit-I of 60 MW Naitwar Mori Hydro Electric Project (NMHEP) in Uttarakhand’s at Mori.

The project will generate 265.5 million units of electricity, annually, SJVN said in a regulatory filing. The company has constructed a 37-km 220 KV transmission line for evacuation of power from Naitwar Mori HEP from Bainol to Snail.

“This achievement reaffirms the commitment of the company to harness the energy from non-fossil fuel sources. Marching towards sustainable future, the company has aimed to be a 50,000 MW company by 2040,” the filing said.

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According to a CNBC TV18 report, the SJVN’s board recently accorded an in-principle approval to monetise partial earnings of the Nathpa Jhakri Hydro Power Station through securitisation of its future Return on Equity (RoE).

The decision was taken after a two-day Offer for Sale came to an end.  Through the OFS, the government planned on selling up to 4.92 percent stake including a greenshoe option.

Also read: Buzzing Stocks: Yatra Online, Aurobindo Pharma, Dixon Tech, SJVN, others in news

SJVN is a generator and seller of hydroelectric power. Its scope also includes designing, examining, operating, planning, developing, executing and maintaining of these hydroelectric power projects.

At 9.58 am, the stock was trading at Rs 70.30 on the National Stock Exchange, up 0.57 percent from the previous close.

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