SJVN: Bihar PSP MoU boosts stock

SJVN stock jumps 7% on Bihar PSP MoU

SJVN Shares Jump Above Expectations Following Bihar Project Win

SJVN Shares Jump Above Expectations Following Bihar Project Win SJVN’s stock price jumped 8% on January 1, 2025, following the announcement of a Memorandum of Understanding (MoU) with the Bihar government for a Rs 5,663 crore project. By 10:01 AM, SJVN shares were trading at Rs 111.21 on the NSE, with trading volumes surpassing the daily average. The MoU involves the development of the 1,000 MW Hathidah Durgawati Pumped Storage Project (PSP), which is expected to generate significant employment opportunities and attract investments worth Rs 10,000 crore.

This project will provide a peak energy output of 6.325 Million Units daily, and an annual peak generation of 2,308.65 MU. The development of pumped storage projects in Bihar was previously assigned to SJVN by the Ministry of Power in 2022. This initiative further strengthens the company’s growing portfolio of power storage projects, now including developments in several states like Maharashtra, Karnataka, Mizoram, Himachal Pradesh, and Bihar.

SJVN: Bihar PSP MoU boosts stock

SJVN Shares Jump Above Expectations Following Bihar Project Win

• SJVN: The state-owned power producer has signed an MoU with the Bihar government to develop the 1,000 MW Hathidah Durgawati Pumped Storage Project (PSP), estimated to cost ₹5,663 crore. Located on the Durgawati River in Kaimur District, the project will generate 6.325 Million Units of peak energy daily and 2,308.65 MU annually. It is expected to create 5,000 jobs and attract ₹10,000 crore in investments.

• Piramal Enterprises: Piramal has invested ₹1,000 crore into its subsidiary, Piramal Capital & Housing Finance Ltd (PCHFL), through a rights issue. The funds will support business expansion and corporate needs, with Piramal retaining full ownership of PCHFL.

• Kirloskar Industries: The company plans to challenge a SEBI directive demanding disclosure of a family settlement deed from September 2009. The directive was issued by SEBI in December 2024.

• Kalpataru Projects: Kalpataru and its international subsidiaries have secured new orders worth ₹1,011 crore in the transmission and distribution, railways, and buildings & factories sectors.

• ITD Cementation: ITD Cementation has won a ₹1,648 crore marine contract for the Vadhvan Port project in Maharashtra, which is set to become India’s largest deep-water port.

• Suzlon Energy: Suzlon announced that the Income Tax Appellate Tribunal (ITAT) has overturned a ₹87.59 crore tax penalty imposed on the company for FY16, related to disallowances in that financial year.

SJVN stock jumps 7% on Bihar PSP MoU

SJVN Shares Jump Above Expectations Following Bihar Project Win SJVN’s share price surged by 7% in morning trading on January 1, 2025, following the announcement of an MoU with the Government of Bihar for the development of the 1,000 MW Hathidah Durgawati Pumped Storage Project. The stock opened at ₹107.20 on the BSE, a 2.7% rise from the previous close of ₹104.40, and reached an intraday high of ₹111.65.

Despite reaching a 52-week high of ₹170 in February 2024, the stock has faced a significant correction, partly due to the broader market downturn. However, SJVN’s stock has tripled since the start of 2023, providing multibagger returns to investors.

The Hathidah Durgawati Pumped Storage Project, located on the Durgawati River in Kaimur, Bihar, will have an installed capacity of 1,000 MW (4×250 MW). The project is designed to generate 6.325 million units of peak energy daily, with an annual output of 2,308.65 MU. The estimated cost is ₹5,663 crore, with a levelized tariff of ₹9.39 per kWh, based on February 2024 prices.

SJVN, appointed as the nodal agency for developing pumped storage projects in Bihar in August 2022, is currently overseeing the development of around 12,000 MW of PSPs across several states, including Maharashtra, Karnataka, Mizoram, and Himachal Pradesh.