Buy JSW Energy, target price Rs 65: IIFL

IIFL has given a buy rating to JSW Energy with a target price of Rs 65. The share price moved up by 0.50 per cent from its previous close of Rs 60.20. The stock’s last traded price is Rs 60.50.

JSW Energy Ltd., incorporated in the year 1994, is a Mid Cap company (having a market cap of Rs 9955.29 Crore) operating in Power sector.

For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 1805.15 Crore, up .65 % from last quarter Sales of Rs 1793.41 Crore and down 25.16 % from last year same quarter Sales of Rs 2412.17 Crore. The Company reported net profit after tax of Rs 218.54 Crore in latest quarter.

Investment Rationale
Stock has given a triangle pattern breakout above its previous swing top on the daily chart.

Promoter/FII Holdings

Promoters held 74.9 per cent stake in the company as of June 30, 2020, while FIIs held 6.7 per cent, DIIs 9.4 per cent and public and others 9 per cent.

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