Shares of SJVN climbed 7.11% on Wednesday, closing at Rs 82.10, following the announcement of a Memorandum of Understanding (MOU) with Power Finance Corporation (PFC). The MOU, which involves a significant commitment to renewable energy initiatives and a thermal generation project, is intended to provide financial support for an array of projects.
The total cost of these projects is estimated to be around Rs 1,18,826 crore. This strategic partnership, as detailed in an exchange filing, represents an effort by both companies to diversify their investment portfolios.
The agreement between SJVN and PFC demonstrates a shared commitment to supporting renewable energy and thermal generation projects. This move aligns with broader trends in the energy sector, where there is growing emphasis on sustainable and renewable sources.
The surge in SJVN's share price reflects investor confidence in the company's strategic direction and its partnership with PFC. As both companies continue to diversify their investments and increase their focus on renewable energy projects, they are likely to play significant roles in India's evolving energy landscape.
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