JSW Energy rose 5.35% to Rs 63.05 after the company said that a committee of creditors has approved resolution plan for Ind-Barath Energy (Utkal).
The resolution plan submitted by JSW Energy for Ind-Barath Energy (Utkal) ('Ind-Barath') under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code, 2016, has been approved by the Committee of Creditors on 14 October 2019. Ind-Barath owns a 700 MW under-construction thermal power plant located in Odisha. The closure of the transaction shall be subject to thereceipt of necessary regulatory approvals including from the National Company Law Tribunal.Meanwhile, the S&P BSE Sensex was up 312 points or 0.82% to 38,526.38.
On the BSE, 1.27 lakh shares were traded in the counter so far compared with average daily volumes of 43,187 shares in the past two weeks. The stock hit an intraday high of Rs 64 and an intraday low of Rs 59.95 so far during the day.
The stock hit a 52-week high of Rs 77 on 28 May 2019. The stock hit a 52-week low of Rs 57.75 on 10 October 2019.
JSW Energy's consolidated net profit rose 6.6% to Rs 244.38 crore on 2.2% increase in net sales to Rs 2,412.17 crore in Q1 June 2019 compared with Q1 June 2018.
JSW Energy is an integrated power company primarily engaged in generation and sale of power. Its business segments include power generation, power transmission, mining, power trading and equipment manufacturing.
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