JSW Energy soars 10% on lower losses q-o-q

JSW Energy has soared 10% to Rs 52, extending its yesterday’s 9% rally, after it reported lower losses at Rs 82.67 crore for the third quarter ended December 2011, compared to a loss of Rs 108.92 crore in the preceding quarter (Jul-Sep). Net sales grew 81% at Rs 1,751 crore on sequential basis. The company registered the highest quarterly net generation of 3,965 million units.

The operations at all the units registered improved plant load factors during the quarter, however the operating cost continued to remain high on the back of steep depreciation of Indian rupee against US dollar, the JSW group company said in a filing to the stock exchanges.

"The government is inclined to comprehend issues encountered by the sector and work towards resolving the issues to enable the sector to sustain, develop and grow. Timely policy interventions will enable the sector to contribute immensely in a gainful manner for sustained economic growth of the country," the statement said.

The trading volumes on the counter more than doubled, with a combined around 6 million shares have changed hands so far, against an average less than 3 million shares that were traded daily in past two weeks on the NSE and BSE.