JSW Infra stock price near 52-week high

28 Jun 2024 , 03:03 PM

JSW Infrastructure shares rose over 5% to a 52-week high of ₹336 BSE on Friday. The stock increase comes after the company announced a stake acquisition in Navkar Corporation Ltd through a subsidiary.

In a stock exchange statement on June 27, JSW Infrastructure announced that its wholly-owned subsidiary JSW Port Logistics Private Limited has agreed to buy 70.37% of Navkar Corp’s shares from the promoters and the promoter group.

The company noted that the share acquisition is consistent with its strategy of pursuing value-accretive organic and inorganic opportunities in the port and adjacent infrastructure sectors.

Navkar Corporation Limited, which is listed on the BSE and NSE, operates container goods stations (CFS) and inland container depots (ICDs), as well as other associated activities. The company maintains a container goods station (CFS) and the Gati Shakti Cargo Terminal in Somathan, Panvel, as well as two more in Ajivali, Panvel. It also controls the operations of an inland container depot (ICD) at Morbi, Gujarat.

According to JSW Infra, the proposed acquisition is the first step towards the company’s long-term goal of developing a pan-India logistics network.

JM Financial Limited served as the only financial advisor on the transaction.

Commenting on the trading strategy for JM Infra shares, trade analyst Ashish Bahetey claimed that the company is expected to consolidate at its current price. “This is a recent IPO. The issue was launched in October 2023 at an issue price of nearly ₹160, and the stocks have shown a good run up from there,” he said.

At around 1.44 PM, JSW Infra was trading 1.99% higher at ₹325.30, against the previous close of ₹318.95 on NSE.

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