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.

IBNS • 26 Jul 2024, 01:25 pm

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.