JSW Energy zooms 10% as firm seen gaining from electric vehicles push

The group will manufacture electric vehicles, electrical batteries, and energy storage systems and charging infrastructure. NSEBSEJSW EnergyLoading data…

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    ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIES Shares of JSW Energy advanced over 10 per cent in Friday’s trade as the company is considered as the biggest beneficiary of electric vehicle initiatives.

    According to the road transport and highways minister, a Cabinet note on electric vehicles is ready that will take care of charging stations.

    «We should move towards alternative fuel… I am going to do this, whether you like it or not. And I am not going to ask you. I will bulldoze it. For pollution, for imports, my ideas are crystal clear… The government has a crystal-clear policy to reduce imports and curb pollution,» Gadkari said at SIAM’s annual convention on Thursday.

    The scrip closed the day, up 7.29 per cent at Rs 72.15. It touched an intraday high and low of Rs 74.20 and Rs 67 on BSE.

    According to an earlier report by ET, Sajjan Jindal-led JSW Energy is diversifying into electric car manufacturing and aims to roll out its first such vehicle by 2020. For this, the Mumbai-headquartered group has earmarked Rs 3,500-4,000 crore as capital expenditure to be spread over three years

    The group will manufacture electric vehicles, electrical batteries, and energy storage systems and charging infrastructure. This will be the first stint in a consumer business for the $11-billion group which has thus far primarily operated in power, steel, and mining industry.

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