JSW Energy to setup EV manufacturing unit in Maharashtra
Power generation and transmission company JSW Energy signed a pact with the Maharashtra government on Tuesday for establishing a manufacturing unit for the electric vehicles (EV) and energy storage systems in the state. Following the news, the company’s share price surged on the bourses by over 2.5 per cent during Tuesday’s trade.
Recently, the company had also signed an agreement with the Government of Gujarat with respect to EV manufacturing and associated businesses. In August 2017, the company had announced its investment plans of up to Rs. 4,000 crore for the next three years to foray into EVs and energy storage segments.
On Tuesday, the company posted an intraday high of Rs. 81 per share and an intraday low of Rs. 79.25 per share on BSE. The company had hit its 52-week high of Rs. 97.50 per share on January 12, 2018 and its 52-week low of Rs. 59.65 per share on May 30, 2017, respectively.
At 11:43 hours, the stock was trading at Rs. 79.75 per share, higher by 0.95 per cent on BSE. Meanwhile, S&P BSE Sensex was trading at 33,823.32 level, higher by 0.14 per cent and NSE Nifty50 was trading at 10,389.05 level, higher by 0.10 per cent, respectively.