Shares of State Bank of India (SBI) are trading flat after touching a day’s high of Rs 791.90 on 13th September. This follows the company’s announcement that it has sanctioned Rs 10,050 crore to Damodar Valley Corporation (DVC) for a 1,600 MW (800×2 MW) ultra-supercritical thermal power project to be set up in Koderma, Jharkhand.

The 1600 MW thermal power plant will cost Rs 14,357.74 crore and is set for capacity addition by 2030, as identified by the Ministry of Power.

The project will boost power generation and support socio-economic development in the region. DVC already runs a 2×500 MW plant in Koderma, meeting local and regional power needs.

The agreements were exchanged in the presence of key officials from SBI, including Ashwini Kumar Tewari, managing director; Gulshan Malik and Amitava Chatterjee, Deputy managing directors; Arup Sarkar, member finance; Joydeep Mukherjee, ED (finance); and Damodar Valley Corporation’s Durgesh Maiti, chief general manager, from Kolkata.

DVC operates under the Ministry of Power. Established in 1948, it is a major integrated power entity, spanning 24,235 sq km across West Bengal and Jharkhand.

The company’s market capitalisation stands at Rs 702,010 crore.

At 10:45 AM, the shares of SBI were trading 0.10% lower at Rs 786.95 on NSE.

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