JSW Energy zooms 13% after signing MoU with Maharashtra govt

Shares of electric utility firm JSW Energy rallied nearly 13 per cent in Thursday’s intraday trade after the company, through its wholly-owned subsidiary, JSW Neo Energy, signed an agreement with the Maharashtra government to set up a 960-megawatt hydro pump storage project in Raigarh.

With the signing of the aforesaid MoU, the company has secured resources for 6 GW hydro PSPs with the governments of various states (Maharashtra, Chhattisgarh, Telangana, and Rajasthan), the electric utility firm said in a BSE filing.

Prashant Jain, Joint Managing Director and CEO of JSW Energy, said “We are excited to actively participate in the strong prospects of Hydro PSPs in sustainably solving the problem of intermittency of renewable power. In continuation to our target to achieve 10GW of Hydro PSP capacity, we are pleased to have signed a second MoU with the Government of Maharashtra.”

The stock was up 13 per cent at Rs 331 on the BSE.

At 11:27 am, the scrip was trading 11 per cent higher at Rs 324 over its previous day’s closing price of Rs 293.15 apiece. However, the stock has fallen nearly 10 per cent in the last month, while it has surged around 9 per cent year-to-date.

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