SJVN shares rose 3% on June 15 after the company signed a contract with Maharashtra State Power Generation Company to progress 5,000 MW renewable energy missions in the western state.

At 9:48 am, SJVN was trading at Rs 39.57, up 2.97% from the previous close. The stock traded with volumes of 2,056,457 shares versus its five-day average of 1,654,809, up 24%.

SJVN said in an exchange filing that the MoU was signed to explore the viability of setting up numerous renewable projects in Maharashtra, which comprises hydro, pumped storage, wind, solar, hybrid and green hydrogen projects.
SJVN and Maharashtra State Power Generation Co will cooperate on proposals for the reconstruction and modernisation of small hydropower stations functioned by MAHAGENCO.

With the agreement signing, the company has a project portfolio of 54,065 megawatts (MW). Of this, 2,091.5 MW is now in operation, and the rest is in various developmental stages.

SJVN aims to accomplish a communal vision of reaching a capacity of 5,000 MW by 2023-24, 25,000 MW by 2030, and 50,000 MW by 2040.

The stock rose around 8% this week. Earlier, the power generation company’s subsidiary bagged the whole quoted 200 MW for a wind power project, supporting the positive sentiment for the stock.