JSW Energy gains 5% on power purchase deal with Solar Energy Corp

The Power Purchase Agreement is signed for supply of power for 25 years with a tariff of Rs 2.94 per KWh, said JSW Energy.

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Shares of JSW Energy surged 5 percent on May 8, reacting to the announcement that the company’s step-down subsidiary JSW Renew Energy Three has signed a Power Purchase Agreement with Solar Energy Corporation of India.

The agreement is for 300-MW ISTS-connected wind power projects awarded under SECI Tranche-XII, the company said in an exchange filing. The Power Purchase Agreement is signed for supply of power for 25 years with a tariff of Rs 2.94 per KWh.

The project is located in Maharashtra and is expected to be commissioned in the next 24 months, it said.

At 11:25am, JSW Energy’s stock was quoting at Rs 266.60, up Rs 6.50, or 2.50 percent. However, the stock was trading with volumes of 44,047 shares today, as compared with its thirty day average of 128,866 shares, a decrease of 66 percent.

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JSW Energy’s share price is breaking out of a falling trendline which is the first sign of higher prices, said Manish Shah, Independent Market Expert. “The 50-day moving average is curling up suggesting increasing momentum. Resistance is at Rs 278-280. Once this level is surpassed price can move higher to Rs 310 and above that to Rs 355,” he explained while adding that the price structure is bullish.

Shah suggests buying the stock with a stop loss below Rs 250.

In the past three months, the stock has risen close to 20 percent while it has shot up over 550 percent in the past three years.