Shares of JSW Infrastructure Ltd. surged over 8%, the most since listing, on Friday after it received an order from the Karnataka Maritime Board for Rs 4,119 crore.
The order entails the development of an all-weather, deepwater, greenfield port at Keni in Karnataka on a public-private partnership basis. The estimated cost of the project is Rs 4,119 crore with an initial capacity of 30 million tonne per annum, according to an exchange filing on Thursday.
Shares of JSW Infrastructure rose as much as 8.48% during the day on the NSE to Rs 220 apiece, the highest since its listing on Oct. 3. It pared gains to trade 5.35% higher at Rs 213.65 apiece, compared to a 0.17% advance in the benchmark Nifty 50 at 10:04 a.m.
The shares have risen 35.82% since listing and is trading at 84.9% premium to its IPO price. The total traded volume so far in the day stood at 4.8 times its 30-day average. The relative strength index was at 75, implying that the stock maybe overbought.
One of the two analysts tracking JSW Infrastructure maintains a 'buy' rating on the stock, while the other recommends a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 11%.
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