Shares of JSW Energy rose more than 11% intraday on October 6 after its subsidiary signed a memorandum of understanding (MoU) with Maharashtra to build a hydro-pumped storage project in the state.

JSW Energy, through its wholly-owned subsidiary JSW Neo Energy, signed an MoU to establish a hydropower PSP with a capacity of 960 MW, the company said in its press release.

With the signing of the MoU, the company has secured 6 GW of hydropower PSP resources from the state governments (Maharashtra, Chhattisgarh, Telangana and Rajasthan).

The stock made a 52-week high of Rs 408.70 and a 52-week low of Rs 182.00 on October 14, 2021, and June 20, 2022, respectively. JSW Energy was quoted at Rs 312.25 at 10:16 am, up Rs 19.10 or 6.52% on the BSE.