Religare Capital has maintained 'Hold' on JSW Energy  (JSW)after the company declared its second quarter results. The stock broker fixed price target at Rs 95.

Commenting on the results, Religare said, ''JSW's Q2FY16 consolidated adj. PAT of Rs 3.4 billion (+24% YoY) was slightly ahead of RMCLe due to better than expected realisations in the standalone business. Generation improved 12% quarter-on-quarter (QoQ) and SA EBITDA/ unit at Rs 1.39 came in higher than our estimates of Rs 1.3.

Commenting on the investment rationale, the stock broker said, ''We revise our FY16 and FY17 estimates to build in contribution from the two acquired hydro assets, but maintain Hold on the stock with Sep'16 TP- Rs 95 as it appears fairly valued considering the benign outlook for merchant prices.''

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