Shares of JSW Infrastructure, a mid-cap port company, hit the 10% upper circuit limit following the Board’s approval of a $187 million acquisition and an impressive 85% year-on-year (YoY) spike in profit for the September 2023 quarter.

The commercial ports operator reported a consolidated profit of Rs 255.87 crore in its first quarterly earnings report since its listing. This was a substantial increase from the year-ago period’s consolidated profit of Rs 138.29 crore.

In the most recent financial report, the company’s revenues saw a marginal decrease of 3% from Rs 878 crore in Q1 FY24 to Rs 848 crore in Q2 FY24. However, this marked an improvement compared to the income of Rs 696.51 crore during the same period last fiscal year.

Further, the Board of Directors of the company approved the Acquisition of Marine Oil Terminal Corporation, a company incorporated in the Marshall Islands, along with its Fujairah Branch, for a cash transaction of $187 million.

The Board of JSW Infrastructure also approved the purchase of a Container Train Operator Licence/Concession (CTO license) from Sical Multimodal and Rail Transport Limited to expand its presence in the logistics business.

JSW Infrastructure Ltd shares hit a fresh record high of Rs 188.55 after reaching the 10% upper circuit limit on the National Stock Exchange (NSE). The stock closed at Rs 188.55, 9.99% higher than the previous close price.

Headquartered in Mumbai, JSW Infrastructure provides a range of maritime-related services and is evolving into an end-to-end logistics solutions provider. The company plans to expand its cargo handling capacity and cargo volume in various categories.