JSW Infra shares hit all-time high; here is the trigger
Shares of the countrys second leading commerical port operator climbed to all-time high price today.
JSW Infra shares in Friday’s trade rallied over 5 per cent at day’s high and marked their all-time high price of Rs 336 per share in early trade. The spurt in the infra major’s shares came after the company acquired a 70.37 per cent stake in the logistics firm Navkar Corporation for a financial consideration amounting to Rs 1,012 crore.
As per Zee Business research inputs, the company would buy 10.6 crore equity in the company at a price of Rs 95.16 per share. The deal would take place through the company's subsidiary JSW Port Logistics.
Through the deal, the infra-focussed company JSW Infra aims to enter the logistics and value-added services space. Further, the Sajjan Jindal-led company looks to strengthen its organic growth in the port and infra segment.
Navkar Corp according to the inputs has 3 container freight stations as well as Gati Shakti Cargo Terminal in Panvel.
The consensus recommendation from 6 analysts for JSW Infrastructure is BUY, with 3 of them signalling a strong buy on the counter.
FIIs in the recently concluded March quarter have pared their stake in the company to 2.34 per cent from the earlier held 2.43 per cent in the previous December quarter, meanwhile DIIs also had cut back their stake to just 3.59 per cent from the earlier 4.08 per cent holding.
JSW Infra is a multibagger infra stock that has delivered 173 per cent in the last one year.
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