Multibagger stock hits record high on solar project win from NTPC

Shares of JSW Energy Ltd hit their record high in early deals today its arm JSW Neo Energy received a letter of award from NTPC for setting up a 700 MW solar project. JSW Energy stock gained 4.02% to Rs 651.55 against the previous close of Rs 626.35 on BSE. The multibagger stock has rallied 152.25 per cent in a year and gained 56.29 per cent in 2024.

Total 0.23 lakh shares of the firm changed hands amounting to a turnover of Rs 1.49 crore on BSE. Market cap of the firm rose to Rs 1.12 lakh crore.

The stock fell to a 52 week low of Rs 240 on May 24, 2023. In the last three years, the stock has delivered 542.78% returns. In comparison, Sensex has risen 52.17% in three years.

After the latest project win, JSW Energy’s total locked-in generation capacity has risen to 13.3 GW of which 3.1 GW is solar power.

JSW Neo Energy is a wholly owned subsidiaryof JSW Energy.

The company’s current installed generation capacity is 7.2 GW and expects to have 9.8 GW of installed capacity by CY24. The company plans to reach 20 GW generation capacity and 40 GWh of energy storage capacity before 2030. JSW Energy has set an ambitious target of achieving Carbon Neutrality by 2050.

In terms of technicals, the relative strength index (RSI) of JSW Energy stands at 70.6, signaling it's trading in the overbought zone. JSW Energy stock has a one-year beta of 0.4, indicating very low volatility during the period. JSW Energy shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.