Not Adani Green, Adani Power, Or Suzlon, But This Energy Stock To Fetch 7% Returns In 2 Weeks, Beats Nifty 200

India's renewable energy push is at full scale and is expected to be further strengthened. The country intends to achieve net zero carbon emissions by 2070 and to meet 50% of its electricity needs from renewable sources by 2030 marks. Hence, renewable energy and power stocks are some of the buzzing picks in 2024 and going forward. While the long-term trajectory seems promising, there is a chance to fetch short-term returns in energy stocks as well.

To be precise, 7% gains in 5 days to 15 days. And Axis Securities has recommended short buying in one energy stock. It's not Adani Power, Adani Green Energy, or Suzlon, but JSW Group-backed powerpack company, JSW Energy.

Brokerage Axis Securities has made a positional view on JSW Energy stock with a target period of 5 days to 15 days. The brokerage guides investors to enter the stock at the price range of Rs 630 to Rs 637.50, while it sets a target of Rs 686 apiece. Its stop loss is set at Rs 625.00.

From the current market price, this would be nearly 7% in the next 5 to 15 days. Currently, JSW Energy stock is at Rs 642.70 apiece with a market cap of Rs 1,12,329.08 crore on BSE. In the trading week from April 29th to May 3rd, JSW Energy stock zoomed by nearly 6% already.

YTD, JSW Energy shares are up by 57% on BSE, while in a year, the stock rallied by a whopping 144%. In 5-years, JSW Energy shares climbed by a breathtaking 854%.

Data from Axis Securities showed that JSW Energy beats Nifty 200 by 115%. In 9 out of 12 months, the stock has witnessed consistent performance, beating the S&P 200.

Among the stock's trivia, the brokerage pointed out the following:

- The stock is trading very close to its All-time High

- The stock is trading very close to its 52 52-week high Of Rs 651.55 apiece.

- FII shareholding in JSW Energy Ltd has increased by 61.51% since the past 1 Year

- MF shareholding in JSW Energy Ltd has increased by 26.1% in the past 3 Months

In terms of fundamentals, the brokerage pointed out 3 out of the last 5 years, JSW Energy's PAT Growth has been high. In 5 out of the last 5 years, the company's ROE has been high. Lastly, 5 out of the last 5 years, the company's Debt-equity ratio has been low.

JSW Energy stock will be trending next week due to its board meeting scheduled on May 7th for a host of key proposals and decisions.

On May 7th, the company will announce its audited Standalone and Consolidated Financial Results for the quarter and year ended 31st March 2024; while it will also recommend a dividend for the financial year ending 31st March 2024.

Apart from this, JSW Energy is also planning to raise funds through the issuance of eligible securities of the Company by way of private offerings and/or on a preferential allotment basis and/or a qualified institutions placement or any other method or combination thereof as may be permitted under applicable laws, subject to such regulatory/statutory approvals, as may be required.

Last year, the company paid a dividend up to 20% amounting to Rs 2 per share for FY23. A similar dividend payout was made in FY22.

JSW Energy Ltd. is one of the leading private sector power producers in India and part of the US$ 14 billion JSW Group, which has a significant presence in sectors such as Steel, Energy, Infrastructure, Cement, and Sports, among others.

Disclaimer: The recommendations made above are by market analysts and are not advised by either the author nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.