JSW Energy Share Price Pares Gains After Agreement For 300 MW Solar-Wind Hybrid Capacity

Shares of JSW Energy Ltd. rose nearly 1% on Thursday, after the company's subsidiary, Energizent Power Pvt., 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, according to an exchange filing.

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

Shares of JSW Energy rose as much as 1.16% to Rs 513.60 apiece, after it pared gains to trade 0.14% lower at Rs 507 apiece, as of 9:24 a.m. This compares to a 0.35% advance in the NSE Nifty 50.

The stock has fallen 28.82% in the last 12 months and 21.42% year-to-date. Total traded volume so far in the day stood at 0.69 times its 30-day average. The relative strength index was at 35.57.

Out of 17 analysts tracking the company, 10 maintain a 'buy' rating, two recommend a 'hold' and five suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 14.4%.