Stocks of this power stock under the ‘large-cap’ category are trading in the green after a well-known brokerage gave a Buy recommendation on the company’s stock with an upside of more than 20 percent.
With a market capitalization of Rs 66,946.52 crores, the stocks of JSW Energy Limited are currently trading at Rs 407.05, a flat movement as compared to the previous closing levels of Rs 407.45.
During the last six months, the company’s stock has paced up and gained more than 60 percent from Rs 252.05 in March 2023 to the current price levels.
Such bullish sentiments around the company’s stock were observed after Brokerages started to cover the company with attractive target prices.
Jefferies, one of the well-known Investment Banks across the globe, has given a ‘Buy’ tag to the company’s stock for the next 12-24 months with a target price of Rs 500 indicating a potential upside of 23 percent as compared to the closing stock price levels.
The rationale behind providing such a recommendation pertains to three trigger points comprising strong merchant capacities, improvements in the renewable energy capacity, and, development of the first green hydrogen plant & energy storage battery unit
During the recent quarters, the company has improved its basic business parameters such as the operating revenues and the movement is from Rs 2,669.97 crores during Q4FY22-23 to Rs 2,927.85 crores during Q1FY23-24. In addition, the bottom-line numbers have stayed uniform at Rs 288 cores during the past couple of quarters.
According to the latest shareholding data available for the June 2023 quarter, the company’s Promoters hold a 74.66 percent stake, and the Foreign Institutional Investors (FIIs) hold a 5.18 percent stake in the company.
Incorporated in 1994, JSW Energy Limited is a company based in India that is engaged in the business of generating as well as selling power. The company operates in various Indian states including Karnataka, Tamil Nadu, Maharashtra, Gujarat, and many more.
Written by Amit Madnani
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.