JSW Energy gains on bulk deals; GQG Partners buys Rs 410.94 crore shares

GQG Partners Emerging Markets Equity Fund, backed by Rajiv Jain’s GQG Partners via open market transactions at an average price of Rs 345 per share.

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Shares of JSW Energy rose by 3 percent on the NSE on August 16 after the company announced on August 14 that Rajiv Jain’s GQG Partners Emerging Markets Equity Fund bought Rs 410.94 crore shares in JSW Energy.

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Nearly 1.19 crore equity shares of JSW Energy were bought by the US-based GQG Partners Emerging Markets Equity Fund, backed by Rajiv Jain’s GQG Partners via open market transactions at an average price of Rs 345 per share. GQG Partners is an American boutique asset management company.

Additionally, Kolkata-based Authum Investment & Infrastructure offloaded 1.6 crore equity shares at the same price.

Shares of JSW Energy closed on the NSE at Rs 342 apiece on August 14.

For the June 2023 quarter, JSW Energy reported a 48 percent decline in consolidated net profit to Rs 290 crore. The revenue also saw a 3.3 percent decline to Rs1,222 crore for the same period. While the Earnings before interest, tax, depreciation, and amortization (EBITDA) grew by 19.6 percent to Rs 1,222.1 crore, against Rs 1,022 crore in the previous fiscal, EBITDA margin was reported at 41.7 percent up from 33.8 percent in the previous fiscal.

Also read: Bulk Deals | Rajiv Jain’s GQG Partners buys Rs 411 crore shares in JSW Energy, Ashish Kacholia picks 5% stake in Dhabriya Polywood

The Mumbai- based JSW Energy is an India power major with a presence in wind, thermal and hydropower. With a presence across India, it generates 6677 MW of energy. It also owns stake in natural resource companies in South Africa. In March 2023, it completed acquisition of 1,753 MW energy assets from Mytrah Energy in the southern, western and central parts of India.

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