JSW Energy share price: JSW Energy gains nearly 3% after LIC increases stake

NEW DELHI – Shares rose nearly 3% in Friday’s session after the Life Insurance Corporation of India (LIC) acquired more than 2% of the company’s equity through open market transactions, bringing the stake at 9.01% against 7% previously.

JSW Energy’s certificate peaked at Rs 308 against Rs 299.35 at the previous close on the National Stock Exchange.

In July-September, JSW Energy announced a 3.7% drop in its consolidated net profit to Rs 339 crore.

On a comparable basis, after adjusting for exceptional finance charges, profit after tax stood at Rs 414 crore compared to reported profit after tax of Rs 352 crore in the corresponding period of the previous year.

Reported net profit for the second quarter of the current fiscal year stood at Rs 339 crore while total revenue during the period July-September 2021 increased 12% year-on-year to Rs 2,237 crore from Rs 2,000 crore a year ago. period, mainly due to an increase in short-term sales and other higher income.

For the quarter under review, the company reported total consolidated income of Rs 2,237.36 crore, up 20.32 percent from the previous quarter’s total income of Rs 1,859.53 crore and up 11.89 percent compared to total income for the same quarter of last year of Rs 1999.52 crore

Earlier this month, ICICI Direct put out a sell call on JSW Energy, setting a target price of Rs 156.

Richard L. Militello