JSW Energy declines on profit booking

JSW Energy slipped 2.87% to Rs 269.45 on profit selling after recent steep gains.

Shares of the power generation company jumped 21.11% in the past three sessions to end at Rs 277.40 on Wednesday, 8 March 2023 from its recent closing low of Rs 229.05 on 2 March 2023.

On the BSE, 68,556 shares were traded in the counter so far compared with average daily volumes of 3.02 lakh shares in the past two weeks. The stock hit a high of Rs 278.85 and a low of Rs 268.15 so far during the day.

The stock hit a 52-week high of Rs 369 on 5 September 2022. The stock hit a 52-week low of Rs 182 on 20 June 2022.

The stock had outperformed the market over the past one month, rising 14.03% compared with 1.21% decline in the Sensex.

The counter had underperformed the market in past three months, declining 9.03% as against Sensex's 3.39% fall.

The scrip had also underperformed the market in past one year, falling 14.02% as against Sensex's 9.92% jump.

On the technical front, the stock's daily RSI (relative strength index) stood at 64.633. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading below its 100-day and 200-day simple moving average (SMA) placed at 277.84 and 278.21, respectively. These levels will act as crucial resistance zones in near term. It was, however, trading above its 50-day SMA placed at 248.82. This level will act as near term support.

JSW Energy is primarily engaged in the business of generation of power with principal places located at Vijayanagar (Karnataka), Ratnagiri (Maharashtra), Nandyal (Andhra Pradesh) and Salboni (West Bengal).

The company reported 44.6% decline in consolidated net profit of Rs 179.61 crore in Q3 FY23 compared with Rs 323.93 crore in Q3 FY22. Net sales rose 18% to Rs 2,248.09 crore in Q3 FY23 as against 1,905.16 crore in Q3 FY22.

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