JSW Energy announced that the company has signed a Non-binding Memorandum of Understanding (MOU) with Monnet Ispat and Energy (MIEL) and Monnet Power Company (MPCL). The MOU was signed for initiating a due diligence process for the possible acquisition of a majority stake in MPCL, which is setting up a 1050 MW (2x525 MW) coal fired thermal power plant located at Malibrahmani, Angul, Odisha. 

The stock had underperformed the market over the past one month till Jul. 09, 2015, falling 32.77% compared with the Sensex's 4.13% rise.  It underperformed the market in past one quarter, declining 14.84% as against 4.54% fall in the Sensex. 

Shares of the company gained Rs 2.2, or 2.22%, to trade at  Rs 101.30 (9.08 a.m., Friday).