JSW Energy stock rises 5% as subsidiary to set up hydro project in Chhattisgarh

Shares of JSW Energy hit upper circuit of 5 per cent today after the firm's arm JSW Neo Energy inked an agreement with the Chhattisgarh government for setting up a 1,000 MW capacity of hydro pumped storage project in the state. JSW Energy stock gained 5 per cent to Rs 323.7 against the previous close of Rs 308.30 on BSE.

Shares of JSW Energy opened with a gain of 3.76 per cent at Rs 319.90. JSW Energy is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The large cap stock has risen 257 per cent in one year and gained 7.61 per cent since the beginning of this year Total 0.23 lakh shares of the firm changed hands amounting to a turnover of Rs 73.35 lakh on BSE.

Market cap of the firm rose to Rs 53,217 crore. The stock hit a 52-week high of Rs 408.70 on October 14, 2021 and touched a 52-week low of Rs 85.10 on April 5, 2021.

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"JSW Energy Limited, through its wholly owned subsidiary, JSW Neo Energy, has entered into a Memorandum of Understanding with the Government of Chhattisgarh for setting up a 1,000 MW capacity of Hydro Pumped Storage Project viz. Hasdev Bango Pumped Storage Project, in Chhattisgarh. With rapid addition of renewable energy capacity in the country, development of energy storage solutions such as Hydro Pumped Storage Projects (PSP) become essential to solve for intermittent power supply from renewables. Hydro pumped storage is a well-established technology that provides adequate peaking power reserves, reliable grid operation, and energy balancing and storage capacity," said the firm in a communication to bourses.

The firm reported a 162.23 per cent rise in net profit at Rs 323.93 crore in Q3 of last fiscal against Rs 123.53 crore profit in the December 2020 quarter.

Sales rose 17.69 per cent to Rs 1,893.54 crore in Q3 against Rs 1608.86 crore in the December quarter of 2020.

JSW Energy began commercial operations in 2000, with the commissioning of its first 2x130 MW thermal power plants at Vijayanagar, Karnataka.

Since then, the company has steadily enhanced its power generation capacity from 260 MW to 4,559 MW having a portfolio of thermal 3,158 MW, hydel 1,391 MW and solar 10 MW, ensuring diversity in geographic presence, fuel sources and power off-take arrangements.