JSW Energy shares gain ahead of board meet to raise funds

Shares of JSW Energy Ltd rose over 2% in early deals today after the power sector company said its board of directors would meet on April 2 to consider raising funds through the issuance of eligible securities of the company via private offerings, preferential allotment basis, qualified institution placement, or any other method.

JSW Energy stock gained 2.35% to Rs 528.95 against the previous close of Rs 516.80 on BSE. The energy stock has rallied 136 per cent in a year and gained 28 per cent in 2024.

Total 0.37 lakh shares of the firm changed hands amounting to a turnover of Rs 2.01 crore on BSE. Market cap of the firm rose to Rs 86,263 crore. 

The stock hit a 52 week high of Rs 537.90 on February 26, 2024 and fell to a 52 week low of Rs 222.85 on March 29, 2023. In the last three years, the stock has delivered 500% returns. In comparison, Sensex has risen 50% in three years.

“We wish to inform you that a meeting of the Board is scheduled to be held on Tuesday, 2 nd April, 2024, to consider and approve, inter alia, the proposal for raising of funds through the issuance of eligible securities of the Company by way of private offerings and / or on a preferential allotment basis and / or a qualified institutions placement or any other methods or combination thereof as may be permitted under applicable laws, subject to such regulatory / statutory approvals as may be required,” said JSW Energy in a communication to bourses.

In terms of technicals, the relative strength index (RSI) of JSW Energy stands at 57, signaling it's trading neither in the overbought zone nor in the oversold zone. JSW Energy stock has a one-year beta of 0.4, indicating 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.