{"id":20761,"date":"2023-09-20T09:31:27","date_gmt":"2023-09-20T09:31:27","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/sjvn-shares-surge-following-mou-with-power-finance-corporation\/"},"modified":"2023-09-20T09:31:29","modified_gmt":"2023-09-20T09:31:29","slug":"sjvn-shares-surge-following-mou-with-power-finance-corporation","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=20761","title":{"rendered":"SJVN shares surge following MoU with Power Finance Corporation"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
\n<\/i>\n<\/div>\n

Shares of the state-owned company SJVN surged over 9% on Wednesday, reaching a new annual peak of Rs 83.7 on the BSE. This substantial increase came in the wake of the company announcing a Memorandum of Understanding (MoU) with Power Finance Corporation (PFC) for financial support for various projects. <\/p>\n

The MoU, which was announced earlier this week, covers financial assistance for a diverse range of projects including renewable energy and thermal generation initiatives. The total project cost is estimated to be around Rs 1,18,826 crore (INR100 crore = approx. $12 million), with the proposed term loan assistance standing at approximately 70% of the project cost. There is also potential for increases in funding for renewable energy projects based on specific needs.<\/p>\n

Over the past six months, SJVN’s stock has marked an increase of over 170%. In the past two years, the stock has soared by 205%, and over a three-year period, it has jumped by more than 250%. <\/p>\n

In related market activity, PFC’s shares also experienced an uptick, trading 1% higher at Rs 290.5 on the BSE. PFC’s stock performance mirrored that of SJVN, with returns exceeding 150% in the past year and more than doubling over the last three years.<\/p>\n

Earlier in September, SJVN Green Energy (SGEL), a subsidiary of SJVN, entered into a power purchase agreement with the Bhakra Beas Management Board (BBMB). This agreement will facilitate the development of an 18 MW solar power project.<\/p>\n

Despite the current surge in SJVN’s share price, Trendlyne data suggests an average target price for SJVN shares at Rs 55, indicating a potential decrease of 34% from current market prices. However, consensus recommendations from four analysts suggest a ‘Buy’ position for the stock.<\/p>\n

On Wednesday, SJVN’s relative strength index (RSI) stood at 68.7. An RSI below 30 typically indicates an oversold condition, while an index above 70 suggests an overbought state. Meanwhile, the moving average convergence divergence (MACD) for SJVN was at 4.3, above its center and signal line, indicating a bullish market trend.<\/p>\n

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Shares of the state-owned company SJVN surged over 9% on Wednesday, reaching a new annual peak of Rs 83.7 on the BSE. This substantial increase came in the wake of the company announcing a Memorandum of Understanding (MoU) with Power Finance Corporation (PFC) for financial support for various projects. The MoU, which was<\/p>\n","protected":false},"author":1,"featured_media":20762,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-20761","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nSJVN shares surge following MoU with Power Finance Corporation | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. Shares of the state-owned company SJVN surged over 9% on Wednesday, reaching a new annual peak of Rs 83.7 on the BSE. 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