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JSW Energy share gains 3% intra day on strong Q4 earnings

Share price of JSW Energy rose  3.19% to Rs 42 compared to the previous close of  Rs 40.70 on BSE

twitter-logoBusinessToday.In Last Updated: May 21, 2020 | 17:03 IST
JSW Energy share gains 3% intra day on strong Q4 earnings
JSW Energy share stands higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages.

JSW Energy share price gained over 3% intra day on Thursday after the firm reported a 28-fold jump in its Q4 consolidated net profit. Share price of JSW Energy rose  3.19% to Rs 42 compared to the previous close of  Rs 40.70 on BSE. JSW Energy share stands higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages. The midcap stock has lost 39% in one year and declined 42% since the beginning of this year.

Global brokerage firm CLSA maintained a buy call on the stock but cut the target price to Rs 75 from Rs 85.

CLSA has lowered EPS estimates by 5 percent due to COVID-led demand destruction and lower asset values.

The firm reported net profit of Rs Rs 108.44 crore for the fourth quarter ended March on lower expenses. Consolidated net profit stood at Rs 3.87 crore in the same quarter previous fiscal.

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However, total income fell to Rs 1,847.65 crore in Q4 quarter compared to Rs 2,018.16 crore a year ago. For FY20, the firm reported consolidated net profit of Rs 1,081.18 crore against Rs 684.49 crore in 2018-19.

Total income in FY20 came at Rs 8,559.69 crore compared to 9,505.56 crore in 2018-19. The board declared dividend of Re one per equity share of Rs 10 (10 per cent), on the paid-up equity capital of the company for the year ended March 31, 2020.

 By Aseem Thapliyal

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