JSW Energy skyrockets ~11% as subsidiary inks MoU with Maharashtra govt

6 Oct 2022 , 02:18 PM

JSW Energy’s counter gained up to 13% so far in today’s trade following the company’s announcement of signing an agreement with the Maharashtra government through its wholly-owned subsidiary JSW Neo.

The company has entered into an agreement with the Maharashtra govt to set up a 960 MW hydro pump storage project in Raigarh.

The company highlighted in its filing that with the signing of the aforementioned MoU, the business has secured resources for 6 GW hydro PSPs with the governments of several states (Maharashtra, Chhattisgarh, Telangana, and Rajasthan).

“We are pleased to actively engage in the high potential of Hydro PSPs in overcoming the problem of renewable power intermittency in a sustainable manner,” said Prashant Jain, Joint Managing Director and CEO of JSW Energy.

The company is thrilled to have signed a second MoU with the Government of Maharashtra, as part of our goal of achieving 10GW of Hydro PSP capacity, he added.

At around 2.21 PM, JSW Energy was trading at Rs324.80 up by 10.8% from its previous closing of Rs293.15 on the BSE. The scrip touched intraday high and low of Rs331.15 and Rs298.50 respectively.

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