JSW group stock: Amidst the slowdown in the market, there is huge demand for the shares of JSW Group company – JSW Infrastructure Limited. Investors fell on this stock on the second trading day of the week i.e. Tuesday. Shares of JSW Infra rose nearly 3 per cent to Rs 328.65 on Tuesday. On Monday this share closed at Rs 319.20. Experts also seem bullish on the stock. Domestic brokerage Nuvama Institutional Equities has started coverage on the stock.
What did the company say
JSW Infrastructure said in an exchange filing that the company has received a letter of intent (LoI) from the Maharashtra Maritime Board for the development, operation, management and maintenance of an all-weather, port at Palghar in Maharashtra. The company said the port will be developed on a public-private partnership (PPP) basis. JSW Infrastructure is India’s second largest private port company with 25% volume CAGR over FY 2019-24. Nuvama expects the company to register revenue, EBITDA and PAT CAGR of 19 per cent, 16 per cent and 15 per cent during FY24-27E. The brokerage has set the target price for the share at Rs 390.
Bought a big stake in this company
Last week, JSW Infrastructure subsidiary JSW Port Logistics completed the acquisition of 10,59,19,675 equity shares or 70.37 per cent stake in Navkar Corporation from its promoters. Following the acquisition, Navkar Corp has become a subsidiary of JSW Infra. Another brokerage Motilal Oswal Financial Services expects JSW Infra’s revenue to grow 23 per cent year-on-year to Rs 1,040 crore on the back of volume growth at new ports and recovery in volumes at Jaigarh and Dharamtar.
Listing in October 2023
JSW Infra shares were listed on the stock exchange on October 3, 2023. Let us tell you that the company had raised a total of Rs 2,800 crore through IPO by selling its shares at Rs 119 per share. The share has surged more than 175 per cent from its issue price, while the stock has more than doubled investors’ wealth from its 52-week low of Rs 160.50 hit on October 26, 2023.
