JSW Energy shares rise as subsidiary bags order from SECI

Shares of JSW Energy Limited traded over a percent higher in the morning trade on March 18 after  JSW Neo Energy Limited, a wholly-owned subsidiary, was awarded an additional 500 MW wind capacity by Solar Energy Corporation of India (SECI).

“After this, the cumulative capacity allotted to JSW Neo under SECI stands at 1,000 MW,” the company said in a regulatory filing on March 16.

Follow our live blog for all the market action

The company has an installed generation capacity of 7.2 GW, with 1.6 GW attributed to wind energy. The company projects to reach 9.8 GW of installed capacity by CY24. With the addition of 500 MW, its total locked-in generation capacity surged to 12.5 GW, of which, 4.6 GW will be generated through wind power.

JSW Neo Energy Ltd on March 14 received a letter of intent for a grid-connected solar capacity of 300MW from Gujarat Urja Vikas Nigam Limited. The unit will be established in Gujarat State Electricity Corporation’s RE Park in Khavda.

The company reported a 24.36 percent year-on-year increase in consolidated net profit for the third quarter owing to a robust thermal portfolio and merchant sales. JSW Energy posted a profit of Rs 186.74 crore in the corresponding quarter last year.

Its revenue rose to Rs 2,661.41 crore in Q3 from Rs 2,349.79 crore a year earlier. This was due to incremental contributions from the renewable portfolio.

At 9.28 am, the stock was trading at 496.25 on the NSE, down 0.33 percent from the previous close.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.