Shares of JSW Energy experienced a notable uptick of over 2 percent, hitting a 52-week high of Rs 558 on April 3, driven by the company’s strategic decision to raise Rs 5,000 crore through qualified institutional placements (QIP) in one or more tranches.
As trading commenced at 09:52 am, JSW Energy shares were valued at Rs 550 apiece on the National Stock Exchange (NSE), further affirming investor confidence in the company’s growth prospects.
While the definitive launch date for the QIP remains pending, the board has taken proactive steps by establishing a finance committee to oversee the decision-making process. Notably, the floor price for the QIP has been set at Rs 510 per share, with an indicative issue price standing at Rs 485 per share, indicating strong institutional interest in the offering.
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Despite this significant capital raise initiative, JSW Energy has refrained from disclosing specific details regarding the utilization of the funds, leaving investors eager to learn about the company’s strategic deployment plans for the proceeds garnered through the QIP.
The energy company exhibited a robust performance in the third quarter of FY24, with a notable 24.36 percent year-on-year growth in its consolidated net profit. This impressive growth trajectory was primarily attributed to strong performances within its thermal portfolio and merchant sales segments.
Additionally, the company witnessed a substantial 13.3 percent year-on-year increase in revenue for the quarter, reaching Rs 2,661.41 crore compared to Rs 2,349.79 crore recorded in the corresponding period of the previous year. This upward revenue trend underscores the company’s resilience and efficiency in navigating market dynamics and capitalizing on growth opportunities.
Sources: moneycontrol.com
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