JSW Energy Achieves 52-Week High Amid Plans for Rs 5,000 Crore QIP

  1. JSW Energy stock hits 52-week high at Rs 558.
  2. Plans to raise Rs 5,000 crore via QIP.
  3. QIP floor price set at Rs 510; indicative price at Rs 485.
  4. Strong Q3 FY24: 24.36% YoY net profit growth.
  5. Revenue grows 13.3% YoY to Rs 2,661.41 crore.
  6. Board sets up finance committee for QIP decisions.
  7. Details on fund utilization post-QIP yet to be revealed.

JSW Energy’s Share Price :

JSW Energy shares rose more than 2% to a 52-week high of Rs 558 on 3 April, boosted by the company’s announcement to raise Rs 5,000 crore through qualified institutional placements (QIP) in one or more rounds. JSW Energy’s stock was trading at Rs 550 per share on the NSE at 09:52 a.m.

QIP Details Awaits Launch Date Confirmation :

While the specifics of the QIP launch date have yet to be determined, the board has formed a finance committee to oversee decision-making procedures. The floor price for the QIP is set at Rs 510 per share, with an approximate issue price of Rs 485 per share. However, the corporation has not disclosed its plans for using the monies raised through the QIP.

Robust performance drives growth :

JSW Energy’s consolidated net profit increased by 24.36 percent year on year in the third quarter of FY24, owing mostly to excellent performance in its thermal portfolio and merchant sales. The company’s revenue increased 13.3 percent year on year, reaching Rs 2,661.41 crore for the quarter, up from Rs 2,349.79 crore in the same time last year.

Conclusion :

JSW Energy’s positive stock performance, combined with its smart decision to raise capital through a QIP, demonstrates investor confidence in the company’s future prospects. As the company strengthens its position in the energy sector, investors and industry analysts will closely examine future advances in QIP utilisation and operational performance.

Leave a comment