JSW Infra hit 52-week high on proposed stake acquisition in Navkar Corp

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JSW Infrastructure shares rallied over 5% to trade at a 52-week high of ₹336 BSE on Friday. The stock surge follows the company’s announcement of a stake acquisition in Navkar Corporation Ltd, through a subsidiary.

In a stock exchange filing on June 27, JSW Infrastructure said its wholly-owned subsidiary JSW Port Logistics Private Limited has agreed to acquire 70.37% of shareholding with promoters and the promoter group in Navkar Corp.

The company added the stake acquisition aligns with its strategy to pursue value-accretive organic and inorganic opportunities in the port and related infrastructure sector.

Listed on BSE and NSE, Navkar Corporation Limited is engaged in container freight station (CFS) and inland container depot (ICD) operations and related activities. The company operates a container freight station (CFS) and Gati Shakti Cargo Terminal at Somathan, Panvel and two others at Ajivali Panvel. It also oversees the operation of an inland container depot (ICD) at Morbi, Gujarat.

The proposed acquisition marks the first step in its long-term vision of creating a pan-India logistics network, JSW Infra said.

JSW Port Logistics Private Limited will make an open offer following SEBI norms to complete the proposed transaction.

JM Financial Limited acted as the exclusive financial advisor for the transaction.

Commenting on the trading strategy for JM Infra shares, trade expert Ashish Bahetey told CNBC Awaaz that the stock is likely to consolidate at its current level. “It is a recent IPO. The issue was launched in October 2023 at an issue price of almost ₹160 and the stocks have shown a good run up from that level,” he said.

JSW Infra share prices have consolidated over the past few days.

“It's difficult to give a short-term target price. However, the shares could move further to around ₹350,” he added.

Shares of JSW Infra were trading at ₹325 per piece on the BSE, up by 3.29% at 12:24 pm on Friday.