Power stock under Rs 25 hit 5% upper circuit: Jaiprakash Associates holds 1,64,48,30,118 shares & Major DIIs - ICICI, Canara Bank, LIC, UCO Bank

Jaiprakash Power Ventures Limited (JP Power), a Mid-Cap power company, opened the session at Rs 18.94 per share, up from its previous close of Rs 18.06. The stock extended gains to hit a high of Rs 18.96, marking a 5 per cent upper circuit in intraday trade.

The surge in JP Power’s share price comes after the company’s Board of Directors approved a proposal to explore the establishment of an approximately 50 MW Solar PV Power Plant. The new solar unit is planned within the premises of the 500 MW Jaypee Bina Thermal Power Plant (JBTTP) in Bina, Madhya Pradesh. The estimated investment in the solar project is Rs 300 crore and is subject to receiving all required approvals, including clearances from lenders.

JP Power continues to operate in thermal and hydro power generation, coal mining, and cement grinding. The company currently owns three power plants with a total capacity of 2,220 MW: the 400 MW Vishnuprayag Hydro-Electric Plant in Uttarakhand (operational since October 2006), the 500 MW Jaypee Bina Thermal Power Plant in Sagar, Madhya Pradesh (units operational since August 2012 and April 2013), and the 1,320 MW Jaypee Nigrie Supercritical Thermal Power Plant in Singrauli, Madhya Pradesh (units operational since September 2014 and February 2015).

Additionally, JP Power operates a 2 MTPA cement grinding facility at Nigrie and a 3.92 MTPA Amelia (North) Coal Mine in Singrauli, Madhya Pradesh, acquired through e-auction in 2015. The coal produced is entirely utilised for power generation at JNSTPP.

Following the announcement, JP Power shares hit their 5 per cent upper circuit at Rs 18.96, reflecting strong investor interest in the company’s renewable energy expansion. The stock price has given 52 per cent returns from its 52-week low.

Disclaimer: The article is for informational purposes only and not investment advice.