JSW Energy gains after MoU with Maharashtra for EVs

JSW Energy rose 1.52% to Rs 80.20 at 9:31 IST on BSE after the company said it signed a pact with the Government of Maharashtra for the manufacturing electric vehicles and energy storage systems.

The announcement was made after market hours yesterday, 19 February 2018.

Meanwhile, the S&P BSE Sensex was up 26.93 points, or 0.08% to 33,801.59.

On the BSE, 81,000 shares were traded in the counter so far compared with average daily volumes of 13.21 lakh shares in the past one quarter. The stock had hit a high of Rs 80.80 and a low of Rs 79.50 so far during the day. The stock hit a 52-week high of Rs 97.50 on 12 January 2018. The stock hit a 52-week low of Rs 59.65 on 30 May 2017.

The stock had underperformed the market over the past 30 days till 19 February 2018, falling 13.80% compared with 4.89% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 1% as against Sensex's 0.89% rise. The scrip had outperformed the market in past one year, rising 27.83% as against Sensex's 17.84% rise.

The large-cap company has equity capital of Rs 1640.05 crore. Face value per share is Rs 10.

In addition to the earlier Memorandum of Understanding (MoU) with the Government of Gujarat with respect to electric vehicles (EV) manufacturing and associated businesses, the company has now entered into another MoU with the Government of Maharashtra for setting up facilities for the manufacturing of EV and energy storage systems in the state of Maharashtra, subject to receipt of internal corporate approvals.

On a consolidated basis, net profit of JSW Energy rose 119.12% to Rs 46.87 crore on 4.67% rise in net sales to Rs 1993.20 crore in Q3 December 2017 over Q3 December 2016.

JSW Energy is an integrated power company.

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