Miniratna PSU Stocks to Buy: Brokerage firm Antique Stock Broking has advised purchasing this share. Over the past 6 months, this stock has surged by nearly 73%.
Miniratna Stocks to Consider: State-owned power producer, the ‘Miniratna’ company SJVN Limited, saw a surge of over 2% in its shares on Friday (August 11). The company recently released its results for the April-June 2023 quarter. While the company’s results showed a decline, brokerage firm Antique Stock Broking has advised buying its PSU shares. Over the past 6 months, this share has witnessed a remarkable surge of around 73%.
SJVN: Targeting ₹65 Level
Antique Stock Broking has recommended buying shares of SJVN. Additionally, they have set a target price of ₹65 per share. On August 10, 2023, the share closed at ₹54.40. The brokerage firm highlights that SJVN has a current operational capacity of 2 GW, with a development portfolio of 55 GW. The company aims to achieve a capacity of 12.5 GW by FY27E and 25 GW by FY30E. Furthermore, SJVN is strategically waiting for the right time to step into pumped storage projects and to achieve its renewable energy targets.
SJVN: Q1 Performance
The government-owned power company ‘Miniratna’ PSU company SJVN Limited released its results for the April-June 2023 quarter. In the first (April-June) quarter of the ongoing fiscal year, the consolidated net profit of the company declined by more than 55%, settling at ₹271.75 crore. During the same period of the previous fiscal year, the net profit was ₹609.23 crore. The announcement of the results led to movements in SJVN’s share price. At the close of business, the share experienced a decrease of 1.79%, closing at ₹54.90.
SJVN reported that during the June quarter (Q1FY24), the company’s revenue also decreased to ₹744.39 crore, compared to ₹1,072.23 crore in the same period of the previous fiscal year. The total expenditure for the June quarter stood at ₹358.16 crore, which was lower than ₹420.44 crore in the same quarter last year. The debt-equity ratio of the company was 0.54%, higher than 0.40% in the June quarter of the previous year.
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