JSW Energy drops 3% after promoter divests 1.28% stake

At 10.15 am on the NSE, JSW Energy stock was quoting at Rs 356.85, down Rs 11.15, or 3.03 percent. The stock has a high trailing PE at 49.08x, third-highest amongst its peers.

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JSW Energy shares were down 3 percent in the morning trade on August 17 after its promoter JSW investments offloaded its 1.28-percent stake for Rs 717.57 crore in open market transactions on August 16.

As per the bulk trade numbers published by the Bombay Stock Exchange, JSW Investments has sold 2.1 crore equity shares, or 1.28 percent stake in the company, at a price of Rs 341.7 per share.

Meanwhile, the Rajiv Jain-backed GQG Partners Emerging Markets Equity Fund bought a 0.62 percent stake for Rs 351 crore in the company. The investment firm purchased 1.03 crore shares via open market transactions at an average price of Rs 341.7 per share.

This is the second block deal by the investment firm in the month after its purchase of 1.19 crore shares of the company at an average price of Rs 345 per share.

The financials

In its results for Q1FY24 announced on July 14, the company reported a 3.23 percent year-on-year (YoY) decline in its revenue from operations at Rs 2,928 crore. Profit after taxes for the quarter dropped 47.74 percent to Rs 290 crore. Earnings before interest, taxes, depreciation and ammortisation saw an 18 percent YoY rise to Rs 1,307 crore, while the EBITDA margins expanded by 700 basis points to 43 percent.

At 10.15 am on the NSE, the JSW Energy stock was quoting at Rs 356.85, down Rs 11.15, or 3.03 percent. The stock has a high trailing PE at 49.08x, third-highest amongst its peers.

JSW Energy is engaged in the business of generation and supply of electrical power. The company operates thermal, hydro, and renewable energy power plants across India.

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