JSW Energy shares rose nearly 5% after commissioning the first 80 MW unit of its Kutehr hydro project.
JSW Group stocks JSW Energy and JSW Steel rose on Monday, after the companies announced key expansion updates.
JSW Energy Commissions First Unit Of 240 MW Kutehr Hydro Project
Over the weekend, JSW Energy announced the commissioning of the first 80 MW unit of its 240 MW Kutehr Hydroelectric Power Plant in Himachal Pradesh.
At the time of writing, JSW Energy shares were trading 4.8% higher at ₹536.35.
The company said that power dispatch has already begun under a long-term power purchase agreement (PPA) with Haryana Power Purchase Centre (HPPC). The agreement with HPPC covers the entire 240 MW capacity at a ceiling tariff of ₹4.50/kWh for 35 years, with an option for extension.
The second 80 MW unit has been synchronized with the grid and is undergoing trial runs, while the final unit is expected to follow soon. Power generated from the project will be supplied to Haryana’s distribution utilities, the company said.
With this addition, JSW Energy’s installed hydro capacity has risen to 1,471 MW, solar at 2,157 MW, and wind at 3,562 MW, taking the total share of renewables to 56%.
The company has a locked-in generation capacity of 30.3 GW, including 12.8 GW operational and 12.9 GW under construction, along with 4.6 GW in the pipeline.
SEBI-registered analyst Saurabh Sahu said that the commissioning comes at an ideal time, aligning with the peak monsoon season to maximize generation potential.
Strategically, it supports JSW Energy’s long-term goals, including achieving 30 GW of total generation capacity by FY30, developing 40 GWh of energy storage, and reaching net-zero carbon emissions by 2050.
Retail sentiment on Stocktwits turned ‘neutral’ from ‘bearish’ among ‘high’ chatter.
Year-to-date, the stock has shed 16.6%.
JSW Steel & JFE Steel To Create India’s Largest GOES Production Base
Meanwhile, JSW Steel partnered with Japan’s JFE Steel to expand its grain-oriented electrical steel (GOES) manufacturing capacity in India.
The joint ventures, JSW JFE Electrical Steel Private and JSW JFE Electrical Steel Nashik, will see a combined investment of approximately ₹5,845 crore to meet growing domestic demand and support national programs such as Make in India and Atmanirbhar Bharat.
As part of the plan, the Vijayanagar plant’s capacity will be raised to 100,000 tons per annum, up from the earlier planned 62,000 TPA, with commissioning expected by FY2028. Meanwhile, the Nashik plant will undergo a five-fold capacity increase to 250,000 TPA, also set for phased commissioning starting FY2028. This expansion will establish India’s largest integrated GOES production base.
With this latest investment, along with prior capital commitments at Vijayanagar and the acquisition of the Nashik facility, JSW Steel’s total outlay in the segment will reach ₹15,560 crore.
At the time of writing, JSW Steel shares were up 1.2% to ₹1,040.50, having gained nearly 16% YTD.
Retail sentiment for JSW Steel on Stocktwits remained ‘bearish’. It was ‘neutral’ a month ago.
For updates and corrections, email newsroom[at]stocktwits[dot]com<