JSW Infra bags LoI from Maharashtra Maritime Board

15 Oct 2024 , 03:30 PM

JSW Infrastructure’s stock price rose 2% in early trading on October 15 after the business received a Letter of Intent (LOI) from the Maharashtra Maritime Board to create an all-weather and multipurpose port in Palghar, Maharashtra.

The Maharashtra Maritime Board has issued a Letter of Intent to the company for the development, operation, management, and maintenance of an all-weather and multipurpose port at Murbe village in Maharashtra’s Palghar district under a public-private partnership (PPP) model of design, build, own, operate, and transfer (DBOOT).

The LOI is valid for 24 months with a one-time extension clause subject to the fulfilment of the terms and conditions specified therein.

Last Monday, the company’s affiliate JSW Port Logistics completed the acquisition of a 70.37% share in Navkar Corporation from its promoters.

On 04 July 2024 and 26 October 2023, the shares reached a 52-week high of Rs 360.95 and a low of Rs 162.05, respectively.

The royalty payable is calculated per metric tonne and will increase during a five-year block period.

At around 2.53 PM, JSW Infra was trading 0.94% higher at ₹322.05, against the previous close of ₹319.05 on NSE. The counter touched an intraday high and low of ₹328.85, and ₹320.30, respectively.

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