JSW Energy gets boosted by acquisition

JSW Energy rose 1.57% to Rs 80.65 at 9:49 IST on BSE after the company said that it has acquired JSW Electric Vehicles.

The announcement was made after market hours yesterday, 5 March 2018.

Meanwhile, the S&P BSE Sensex was up 223.16 points, or 0.66% to 33,969.94.

On the BSE, 73,000 shares were traded in the counter so far compared with average daily volumes of 2.42 lakh shares in the past two weeks. The stock had hit a high of Rs 81.70 and a low of Rs 80.50 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 large-cap company has equity capital of Rs 1640.05 crore. Face value per share is Rs 10.

JSW Energy said that the company has on 5 March 2018 acquired JSW Electric Vehicles. Consequent to this acquisition, JSW Electric Vehicles is now a wholly owned subsidiary of JSW Energy. The acquisition falls within related party transaction.

JSW Electric Vehicles was incorporated on 18 July 2017 to manufacture electric motor vehicles, all types of parts, spare parts, engines, appliances and apparatus, equipment, etc.

On 11 August 2017, JSW Energy had intimated about the decision of the board of directors to venture in the Electric Vehicles, Energy Storage Systems and associated business, directly or through one or more subsidiaries.

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. The company operates 4,531 MW (Thermal - 3,140 MW & Hydel - 1,391 MW) of power generation capacity.

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