JSW Energy Shares Hit Fresh High After Board Nod To Rs 5,000-Crore QIP
The company will raise Rs 5,000 crore through the QIP. The floor price of the issue is set at Rs 510.09 per share, a discount of not more than 5%, an exchange filing said.
Shares of JSW Energy Ltd. rose to a record high on Tuesday after its board approved raising Rs 5,000 crore through qualified institutional placement.
The company will raise Rs 5,000 crore through the QIP. The floor price of the issue is set at Rs 510.09 per share, a discount of not more than 5%, an exchange filing said.
The issue opened on Tuesday.
Shares of the company rose as much as 2.91%, the highest level since its listing on Dec. 31, 2009, before paring gains to trade 1.42% higher at 9:52 a.m. This compares to a 0.34% decline in the NSE Nifty 50.
The stock has risen 119.98% in past 12 months. Total traded volume so far in the day stood at 6.5 times its 30-day average. The relative strength index was at 65.1.
Of the 12 analysts tracking the company, six maintain a 'buy' rating, one recommends a 'hold', and five suggest a 'sell', according to Bloomberg data. The average 12-month analysts' price target implies a downside of 18.0%.
