Motilal Oswal Securities upgrades JSW Energy to ‘buy’, target price Rs 78

Motilal Oswal Securities has upgraded its rating on JSW Energy to ‘buy’ with a target price of Rs 78. The company signed a share purchase agreement to acquire GMR Kamalanga through a deal that is valued at a maximum amount of Rs 5300 crore. This transaction will be value accretive for JSW, given the strategic location of the plant, room for merchant volumes, and the company’s ability to reduce interest. Shares of JSW closed at Rs 65, up 4.1%.