JSW Energy Added To FTSA Russell's FTSE4Good Index

JSW Energy Ltd. on Thursday said that it had been included in FTSE Russell's FTSE4Good Index Series.

Created by the global index and data provider FTSE Russell, the index is designed to measure the performance of companies demonstrating strong environmental, social and governance practices. FTSE Russell evaluations are based on performance in areas such as corporate governance, health & safety, anti-corruption and climate change.

"The company has set an ambitious target to achieve carbon neutrality by 2050 and aims to scale up to 30 GW of generation capacity and 40 GWh of energy storage by financial year 2030," Sharad Mahendra, chief executive officer of JSW Energy, said.

The company's subsidiary, Energizent Power Pvt. last month signed a power purchase agreement with NHPC for 300 MW solar-wind hybrid capacity. The agreement is signed for supply of power for a period of 25 years with a tariff of Rs 3.49 per KWh.

The aforesaid project is expected to be commissioned in the next 24 months and is located in Rajasthan and Andhra Pradesh, it said.

The business update was shared after market hours. The stock settled 0.26% higher at Rs 514.90 apiece on the NSE, compared to a 0.18% decline in the benchmark Nifty 50.

JSW Energy's shares have fallen 28.78% over the past 12 months and 19.88% year-to-date.

Out of 17 analysts tracking the stock, 10 have a 'buy' rating, two suggest a 'hold,' and five recommend a 'sell.' The average of 12-month analysts' price target of Rs 582.18 implies a potential upside of 13.1% from its previous closing.