JSW Infra hits 52-week high after acquiring stake in Navkar Corporation

Shares of JSW Infrastructure soared up to 5.3 per cent, hitting its 52-week high at Rs 336 per share on the BSE in Friday’s intraday deals. The company had hit a 52-week low of Rsd 141.75 on October 03, 2023.

The recent stock price surge, however, came after the company on Thursday announced acquisition of a majority stake in Navkar Corporation. Shares of Navkar Corporation also zoomed by 10.7 per cent At Rs 124 per share in early morning deals.

JSW Infrastructure, through its subsidiary JSW Port Logistics acquired a 70.37 per cent stake in Navkar Corporation, previously owned by its promoters. 

 

“The acquisition aligns with the Company’s strategy to pursue value-accretive organic and inorganic opportunities in the port and related infrastructure sector. The acquisition will result in the Company's foray into logistics and other value-added

Services,” the company said in an exchange filing on Thursday. 

The acquisition will facilitate the business to offer improved port connectivity and streamlined supply chain solutions to its customers, it added.

It further informed that in accordance with Sebi rules, it will be required to make an open offer to the rest of the shareholders of Navkar Corporation. 

Navkar Corporation Limited specialises in providing comprehensive logistics services. These include handling marine and hazardous cargo, storing empty containers, operating rail terminals, offering examining and clearance services, providing warehousing solutions, consolidation services, managing buffer yards, and handling reefer containers. The company is listed on the NSE and BSE. 

JSW Infrastructure, part of the JSW Group, reported a 9 per cent increase in consolidated net profit to Rs 329 crore for the fourth quarter ended March 2024, up from Rs 302.26 crore in the same period last fiscal year, according to a BSE filing. Total income rose to Rs 1,200.30 crore from Rs 973.20 crore a year ago, while total expenses increased to Rs 782.93 crore from Rs 677.77 crore.

At 10:00 AM; the stock of the company pared some of its gains and was trading 3.02 per cent higher at Rs 328.70 per share on the BSE. In comparison, the BSE Sensex was trading 0.42 per cent at 79,575 levels.