SJVN share price jump over 9% to hit 52-week high on MoU with PFC for financial assistance for renewable energy projects
SJVN share price rallied over 9% to hit a fresh 52-week high on Wednesday after the company signed a Memorandum of Understanding (MoU) with Power Finance Corporation (PFC) for financial assistance for projects. SJVN shares jumped as much as 9.31% to a 52-week high of ₹83.69 apiece on the BSE. The state-run hydroelectric power generation and transmission company SJVN said that it signed MoU with PFC for financial assistance to various diversified portfolio of projects including majorly Renewable Energy projects and thermal generation projects to be set up.
The total cost of projects to be set up is about ₹1,18,826 crore. Also Read: Bajaj Finance, Shriram Finance, Fusion Micro Finance among NBFC stocks to buy for up to 30% upside The term loan financial assistance is tentatively proposed at 70% of the project cost, which may be increased for renewable energy projects as per project requirements, SJVN said in a release. SJVN share price has seen a massive rally as the stock has jumped 106% in the last three months and is up over 136% YTD.
SJVN shares have surged more than 246% in three years. Also Read: Reliance shares extend losing streak to fourth session amid block deal news; should you buy, sell or hold? Meanwhile, PFC share price has also doubled investors’ money this year. PFS shares are up more than 105% YTD and over 210% in the last three years.
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