On August 16, JSW Energy, a major player in India's power sector, witnessed a 3% surge in its stock price on the NSE (National Stock Exchange). The reason behind this rise was the announcement made on August 14 that the GQG Partners Emerging Markets Equity Fund, supported by Rajiv Jain's GQG Partners, had acquired shares worth Rs 410.94 crore in JSW Energy.
The GQG Partners Emerging Markets Equity Fund, which operates in the United States, purchased approximately 1.19 crore equity shares of JSW Energy. These shares were acquired through open market transactions, with an average price of Rs 345 per share. GQG Partners, an American asset management company specializing in investments, made this significant move. Additionally, Authum Investment & Infrastructure, a company based in Kolkata, sold 1.6 crore equity shares at the same price.
On August 14, the closing price of JSW Energy's shares on the NSE was Rs 342 apiece. The financial performance of JSW Energy for the June 2023 quarter was also in the spotlight. The company reported a 48% decline in its consolidated net profit, amounting to Rs 290 crore. The revenue for the same period saw a decrease of 3.3%, totaling Rs 1,222 crore. However, there was positive growth in the Earnings before Interest, Tax, Depreciation, and Amortization (EBITDA), which rose by 19.6% to Rs 1,222.1 crore compared to Rs 1,022 crore in the previous fiscal year. The EBITDA margin also improved, reaching 41.7%, up from 33.8% in the previous fiscal year.
JSW Energy holds a significant presence in the Indian power sector, generating energy through various sources such as wind, thermal, and hydropower. With operations spread across different regions of India, the company generates a substantial 6,677 MW of energy. Additionally, JSW Energy holds stakes in natural resource companies in South Africa. In March 2023, the company successfully completed the acquisition of 1,753 MW energy assets from Mytrah Energy, enhancing its presence in the southern, western, and central parts of India.
