Shares of Jaiprakash Power Ventures and JSW Energy edged higher at 12:56 IST on BSE after the latter agreed to acquire the 500 megawatts (MW) thermal power plant in Madhya Pradesh from Jaiprakash Power Ventures.
Jaiprakash Power Ventures (up 6.43% at Rs 6.46) and JSW Energy (up 1.81% at Rs 81.60) edged higher.
Meanwhile, the S&P BSE Sensex was up 42 points or 0.15% at 27,788.66.
Jaiprakash Power Ventures (JP Power) entered into an agreement with JSW Energy to sell its 500 megawatts (MW) Bina thermal power plant in Madhya Pradesh to JSW Energy for an enterprise value of Rs 2700 crore. The transaction is expected to be completed by May 2017, subject to any mutually agreed extension.
JP Power reported a net loss of Rs 196.16 crore in Q1 June 2016 compared with net profit of Rs 66.96 crore in Q1 June 2015. Net sales declined 37.8% to Rs 750.41 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 18 July 2016.
The results for Q1 June 2016 are in respect of 400 MW Jaypee Vishnuprayag H.E. Plant, 500 MW Jaypee Bina Thermal Power Plant, 1,320 MW Jaypee Nigrie Super Thermal Power Plant (JNSTPP), Jaypee Nigrie Cement Grinding Unit and Amelia (North) Coal Mine. The Q1 June 2015 results included operating results for 300 MW Baspa II H.E. Plant and 1,091 MW Karcham Wangtoo H.E. Plant. The company concluded the sale of these plants to JSW with effect from 1 September 2015. Hence, the figures for Q1 June 2016 are not comparable with the corresponding previous quarter.
JP Power now has aggregate power generation capacity of 2,220 MW comprising of hydro (400 MW) and thermal (1,820 MW).
Jaiprakash Power Ventures is a power company and a part of Infrastructure conglomerate - Jaypee Group. The company plans, develops, implements and operates power projects in India.
On consolidated basis, JSW Energy's net profit declined 6.1% to Rs 305.43 crore on 22.6% growth in net sales to Rs 2638.33 crore in Q4 March 2016 over Q4 March 2015.
JSW Energy is a part of JSW Group and is a integrated power company.
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