NHPC and SJVN shares zoom by up to 4% in trade today - Here's why
NHPC share price jumped 2.5 per cent in intraday trade while the five-day gain in the stock has been 6 per cent. SJVN share on the other hand jumped more than 4 per cent in intraday trading today.
NHPC and SJVN shares rallied by up to 4 per cent in trade on Thursday, April 27, 2023. The buying in the utility stocks came after the Centre directed state governments to remove water cess.
According to Article 287 and 288 of the Constitution, state governments cannot impose water cess, as Entry 17 of List II of the Seventh Schedule of the Constitution of India does not give authority to the state to levy any tax on water.
On 16 March 2023, the Himachal State Assembly passed the Hydropower Generation Bill and later the state implemented water cess on 172 existing hydro power plants.
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Himachal government is likely to get Rs 4000 crore from this water cess. Some other states like Jammu and Kashmir, Sikkim are also likely to implement water cess in future.
NHPC has hydropower stations with a capacity of 6971 MW (total 7071 MW) and the company has around 18 hydro plants in Himachal, Uttarakhand, and J&K. The company paid water cess of Rs 59 crore in HY FY'23. On the other hand, SJVN has 2 hydropower stations of 1912 MW.
NHPC SJVN: Stock performance
NHPC share price jumped 2.5 per cent in intraday trade while the five-day gain in the stock has been 6 per cent. The one-month gain in NHPC stock price is 13 per cent. Shares of NHPC Limited touched a new 52-week high of Rs 47.88 per share on Thursday. NHPC's market capitalisation is at Rs 48095.6 crore on BSE.
SJVN share on the other hand jumped more than 4 per cent in intraday trading today.
Both the hydro power generators NHPC and SJVN — will also float renewable energy (RE) projects bids of 10 GW each in FY24. They have been designated as Renewable Energy Implementing Agencies (REIAs).
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