JSW Energy rose 0.6 percent to Rs 77.60 at with the stock extending recent strong gains.
The stock has jumped 16.42 percent in five sessions to its ruling price from a close of Rs 66.65 on 6 September 2017.
Meanwhile, the S&P BSE Sensex was up 171 points or 0.53 percent at 32,330.29.
More than usual volumes were witnessed on the counter. On the BSE, 41.74 lakh shares were traded on the counter so far as against the average daily volumes of 12.17 lakh shares in the past one quarter. The stock had hit a high of Rs 81.65 and a low of Rs 77.10 so far during the day. The stock had hit a 52-week high of Rs 83.40 on 16 September 2016 and a 52-week low of Rs 53.50 on 9 November 2016.
The stock had outperformed the market over the past one month till 12 September 2017, gaining 20.64 percent compared with the Sensex&39;s 3.03 percent gains. The stock had also outperformed the market over the past one quarter, rising 22.27 percent as against the Sensex&39;s 3.42 percent rise. The scrip had, however, underperformed the market over the past one year, falling 2.59 percent as against the Sensex&39;s 13.42 percent rise.
The large-cap company has equity capital of Rs 1640.05 crore. Face value per share is Rs 10.
As per recent reports, the company is considered as the biggest beneficiary of government&39;s electric vehicle initiatives. According to the road transport and highways minister, a cabinet note on electric vehicles is ready that will take care of charging stations.
Sajjan Jindal-led JSW Energy is reportedly diversifying into electric car manufacturing and aims to roll out its first such vehicle by 2020. For this, the Mumbai-headquartered group has earmarked Rs 3500-4000 crore as capital expenditure to be spread over three years.
The group will manufacture electric vehicles, electrical batteries, and energy storage systems and charging infrastructure. This will be the first stint in a consumer business for the $11-billion group which has thus far primarily operated in power, steel, and mining industry.
JSW Energy&39;s consolidated net profit fell 40.7 percent to Rs 217.28 crore on 8.9 percent decline in net sales to Rs 2231.64 crore in Q1 June 2017 over Q1 June 2016.
JSW Energy is a part of JSW Group and is a integrated power company.
Please rate this news :
Login below to leave a comment: