JSW Infra stock soars 8.4% to all time high on ₹4,119 crore order win | Mint
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Business News/ Markets / Stock Markets/  JSW Infra stock soars 8.4% to all time high on 4,119 crore order win
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JSW Infra stock soars 8.4% to all time high on ₹4,119 crore order win

Shares of JSW Infrastructure surged nearly 8.5% after receiving a LoA worth ₹4,119 crore for the development of an all-weather, deep-water, greenfield port at Keni in Karnataka. The proposed port aims to address the rising import and export trade momentum of the region.

The company shares got listed on the exchanges on October 03, 2023, at ₹143 apiece as compared to the issue price of ₹119 apiece. (Bloomberg)Premium
The company shares got listed on the exchanges on October 03, 2023, at 143 apiece as compared to the issue price of 119 apiece. (Bloomberg)

Shares of JSW Infrastructure, one of India's leading commercial port companies, spiked up nearly 8.5% to hit an all-time high of 220 apiece in early trade on Friday after the company received a LoA worth 4,119 crore. In an exchange filing on Thursday, the company said it emerged as the winning bidder for the development of an all-weather, deep-water, greenfield port at Keni in Karnataka on a public-private partnership basis.

"The Karnataka Maritime Board, Government of Karnataka, has issued the Letter of Award (LOA) to JSW Infrastructure. As per the RFP document, the estimated cost of the project is 4,119 crore with an initial capacity of 30 MTPA," the company said in a regulatory filing.

Also Read: JSW Infra targets 50% external biz

The proposed Keni Port would have modern, environment-friendly mechanised facilities for handling of cape-size vessels. It is envisaged as an all-weather, greenfield, multi-cargo, direct berthing, deep-water commercial port for handling all types of the cargoes on the west coast of the North Karnataka region to serve the industries in the area covering Bellary, Hosapete, Hubballi, Kalaburagi, and South Maharashtra, according to the company.

Commenting on the development, Mr Arun Maheshwari, Joint MD and CEO of JSW Infrastructure, said, “Karnataka is targeting an impressive industrial growth, and there has been an increased emphasis on the expansion and growth in maritime infrastructure in the region. Once the concession agreement is signed, we will start working to develop the Keni Port as an integral part of the state’s maritime infrastructure & trade gateway. Through the development of this greenfield port.

"We are partnering with the Karnataka Government’s mission to meet the logistics demand of a rapidly growing state and the region’s economy. Once developed, the Keni port is expected to crucially address the rising import and export trade momentum of the region," he added.

Also Read: JSW Infra Q2 Results: Net profit rises 85% to 256 crore, revenue up 25% YoY

JSW Infrastructure Limited is part of the JSW Group. JSW Infrastructure Limited is the second largest commercial port operator in India in terms of cargo handling capacity in fiscal 2023, operating environment-friendly seaports & terminals. It operates nine state port concessions.

The company shares got listed on the exchanges on October 03, 2023, at 143 apiece as compared to the issue price of 119 apiece, and they maintained the positive momentum further and crossed the 200 mark in the following 24 sessions. At current levels, the stock is trading 80% higher than its issue price.

Also Read: IPO performance summary for H1 2023-24

Meanwhile, the broader Indian market saw a subdued start in today's session, with both key indices, the Nifty 50 and the S&P BSE Sensex, opening on a flat note. Notably, NBFC stocks emerged as significant laggards, reacting to the RBI's decision to raise the risk weights for consumer credit exposure of commercial banks. This includes 25%, bringing the risk weight to 125% for outstanding personal loans.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 17 Nov 2023, 10:17 AM IST
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