JSW Energy shares up 3%, rise for 2nd straight session: Here’s why

Shares of JSW Energy shares rallied as much as 3% to their day’s high of Rs 552 on the NSE on Friday, September 19, after the company announced that JSW Neo Energy, a wholly-owned subsidiary, has signed a definitive agreement with Statkraft IH Holding AS to acquireTidong Power Generation Private Limited. With today’s gain, the stock is up for a second consecutive session.

The deal is valued at Rs 39 crore and the acquisition would help the company in achieving its renewable-led capacity growth target of 30 GW by FY 2030, the company said in a regulatory filing on September 18. The Company has set a target to reach 30 GW generation capacity and 40 GWh of storage capacity by FY 2030, with the share of renewable energy generation increasing to 70% by FY 2030.