JSW Energy Shares Rise After Arm Bags Wind-Solar Power Project
JSW Neo Energy Ltd. received the letter for 600-megawatt solar and wind power project from Maharashtra State Electricity Distribution.
Shares of JSW Energy Ltd. rose as the company's wholly-owned subsidiary received a letter of award for a solar and wind hybrid power project from Maharashtra State Electricity Distribution Co. JSW Neo Energy Ltd. received the letter for a 600-megawatt solar and wind power project with additional 400 MW greenshoe option.
After securing this letter of award, JSW Neo Energy's total locked-in capacity increased to 18.2 gigawatt, which also entails 3.8 gigawatt hybrid capacity, an exchange filing said.
JSW Energy has 7.5 gigawatt operational, and 2.3 gigawatt under-construction capacity across wind, thermal, and hydro power. Renewable energy pipeline stands at 8.3 gigawatt.
JSW Energy Ltd. stock rose as much as 2.50%, the highest level since Aug. 29. It pared some gains to trade 2.09% higher at Rs 746.90 per share, as of 09:41 a.m., as compared to 0.12% advance in the NSE Nifty 50.
The shares have gained 72.72% in 12 months, and 82.52% year-to-date. Total traded volume so far in the day stood at 2.0 times its 30-day average. The relative strength index was at 61.43.
Out of 12 analysts tracking the company, four maintain a 'buy' rating, five recommend a 'hold' and three suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 13.8%.
