JSW Energy Ltd. stock jumped nearly 7% on Wednesday, after securing a contract to build coal-based thermal power plant in West Bengal.
The company received Letter of Award from West Bengal State Electricity Distribution Co. for development and operation of 1,600-megawatt greenfield (2x800 MW) super and ultra super critical domestic coal-based thermal power plant, according to a statement.
The contract was awarded under a competitive bidding process invited by WBSEDCL and it will utilise the domestic linkage coal allocated to West Bengal under the central government's SHAKTI B (iv) policy.
The deal value was not disclosed.
After this award, JSW Energy's total locked-in generation capacity stands at 30 GW with a share of thermal capacity at 9 GW. "With this, the company is well positioned to achieve its target of 20 GW generation capacity significantly before 2030," the statement said.
JSW Energy Shares Jump
JSW Energy share price advanced 6.77% intraday to Rs 501.5 apiece. The scrip was trading 6.14% higher at Rs 498 by 1:35 p.m. The benchmark NSE Nifty 50 was flat.
The stock has risen 0.67% in the last 12 months and declined 23% on a year-to-date basis. Total traded volume so far in the day stood at 3.3 times its 30-day average. The relative strength index was at 42.
Eight of the 12 analysts tracking JSW Energy have a 'buy' rating on the stock, two recommend a 'hold' and two suggest a 'sell', according to Bloomberg data. The average of 12-month analysts' price target of Rs 626 implies a potential upside of 26%.
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