JSW Infrastructure soars 7% on winning project worth Rs 4,119 crore

Shares of JSW Infrastructure witnessed a more than 7 percent jump in early trade on November 17 following the company securing a project worth Rs 4,119 crore. At 9:15 am, the JSW Infrastructure stock was trading at Rs 217.12 on the NSE

JSW Infrastructure said on November 16 it received letter of award (LOA) for the development of Keni greenfield port in Karnataka. The estimated cost of the project is Rs 4,119 crore with initial capacity of 30 million tonnes per annum (MTPA), the company said in a press release.

“Once developed, the Keni port is expected to crucially address the rising import and export trade momentum of the region,” said JSW Infrastructure’s Managing Director and Chief Executive Officer Arun Maheshwari.

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The proposed Keni port would have modern environment-friendly mechanized facilities for handling of cape-size vessels, the company said adding that it will be built to serve the industries in the area covering Bellary, Hosapete, Hubballi, Kalaburagi and South Maharashtra, the ports arm of Sajjan Jindal-led JSW Group said in the statement.

Earlier this year, media reported that JSW Infrastructure emerged as the lone bidder to develop the port. This came after the Karnataka government, in 2022, sought bids to develop ports at Keni and Pavinakurve in a bid to bolster its port infrastructure and strengthen the economy.

Also Read: JSW Infra bags project worth Rs 4,119 crore to develop port in Karnataka

The commercial ports operator reported an 85 percent rise in its consolidated profit to Rs 255.87 crore for the quarter ended September 30, 2023. The company had posted a consolidated profit of Rs 138.29 crore in the year-ago period. The group is primarily engaged in the segment of port services.

JSW Infrastructure stock performance

JSW Infrastructure IPO listed on the bourses at a premium of 20 percent on October 3, 2023. On the NSE and BSE, JSW Infrastructure share price was listed at Rs 143 per share, 20.2 percent higher than the issue price of Rs 119. Following a decent listing, JSW Infra shares hit 10 percent upper circuit.

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