Shares of JSW Infrastructure soared 7% and hit a 52-week high of Rs 220 on 17 November after the company announced securing a project worth Rs 4,119 crore.

In its regulatory filing on 16 November, the company said that it had received an LOA (letter of award) for the development All- weather, deep water, greenfield port at Keni in Karnataka on a Public-Private Partnership basis, and for a total consideration of Rs 4,119 crore. The initial capacity of the port will be 30 million tonnes per annum.

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

The above-mentioned port will have modern, environment-friendly mechanized facilities for handling of cape-size vessels.

The company said that the port will be built to serve the industries in the area covering Hospet, Bellary, South Maharashtra, Hubballi, and Kalaburagi.

Earlier this year, the company had emerged as a lone bidder to develop the port, which came after the Karnataka Government, in 2022, sought bids to build ports at Pavinakurve and Keni.

For the quarter ending on 30 September, the company reported an 85% year-on-year increase in its consolidated net profit to Rs 255.87 crore for the quarter against the Rs 138.29 crore recorded in the same quarter of the previous fiscal year.

At 11:39 am, the shares of JSW Infrastructure were trading 4.46% higher at Rs 211.85 on NSE.