JSW Energy shares approach 52-week high as firm acquires 45 MW wind capacity from Reliance Power

Shares of JSW Energy Ltd approached their 52-week high today after the firm said its arm would acquire a 45 MW Vashpet wind project from Reliance Power. JSW Energy stock gained 2.5% to Rs 528.15 against the previous close of Rs 515.25 on BSE. The energy stock has rallied 118 per cent in a year and risen 26 per cent in 2024. However, the stock has lost 1.53% in a month.

Total 0.82 lakh shares of the firm changed hands amounting to a turnover of Rs 4.27 crore on BSE. Market cap of the firm rose to Rs 84,865 crore.

The stock hit a 52 week high of Rs 537.90 on February 26, 2024 and fell to a 52 week low of Rs 220.65 on March 28, 2023. In the last three years, the stock has delivered 491% returns. In comparison, Sensex has risen 48.08% in three years.

In terms of technicals, the relative strength index (RSI) of JSW Energy stands at 56.7, signaling it's trading neither in the overbought zone nor in the oversold zone. JSW Energy stock has a one-year beta of 0.5, indicating low volatility during the period. JSW Energy shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

JSW Renewable Energy (Coated), a wholly owned subsidiary of JSW Neo Energy and a step down subsidiary of the JSW Energy, will buy 45 MW of renewable energy generation capacity from Reliance Power, in Maharashtra. The transaction values the project at Rs 132 crore adjusted for net working capital.

The transaction will have indicative time period of 60 days for completion of the acquisition.

A Business Transfer Agreement has been signed between the parties and the transaction is subject to other customary approvals standard to a transaction of this size.