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Navkar Corporation shares rally 8% on report JSW Infra leading race to acquire firm; open offer likely

Navkar Corporation shares rally 8% on report JSW Infra leading race to acquire firm; open offer likely

NAVKARCORP₹ 88.58(0.37%)

The media report further suggested that the Navkar deal could trigger open offer. The promoter group held 70.45 per cent stake in Navkar as of September 2023 end. 

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Amit Mudgill
Amit Mudgill
  • Updated Jan 18, 2024 11:13 AM IST
Navkar Corporation shares rally 8% on report JSW Infra leading race to acquire firm; open offer likelyNavkar Corporation shares rally 8% on report JSW Infra leading race to acquire firm; open offer likely

Shares of Navkar Corporation Ltd gained nearly 8 per cent while those of JSW Infrastructure Ltd edged higher in Thursday's trade in an otherwise weak day for the market amid a media report suggesting the latter was leading the race to acquire Navkar.

As per CNBC-TV18, JSW Infra was conducting due diligence on Navkar assets and that that the tlks between the two are said to be in the advanced stages. The media report further suggested that the Navkar deal could trigger open offer. The promoter group held 70.45 per cent stake in Navkar as of September 2023 end.

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Following the development, shares of JSW Infrastructure Ltd rose 0.55 per cent to Rs 209.20 on BSE. Navkar hit a high of Rs 122, up 7.82 per cent. It was later trading 0.97 per cent higher at Rs 114.25.

Also read: Stock recommendations by analyst for Jan 18, 2024: Welspun Corp, L&T Fin and Apollo Hospitals

Also read: RVNL shares rose for eight sessions, hit record high today; price targets, stop loss & more  

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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ABOUT THE AUTHOR

Amit Mudgill
Amit Mudgill

A financial journalist with over 18 years of experience in print and digital media, I cover India's capital markets, focusing on stocks, IPOs, mutual funds, corporate earnings, and market trends. Currently with Business Today, I report on equities, corporate developments, fundraising activity, and the broader investment landscape, delivering timely, data-backed insights to investors and readers.

Previously, I worked with The Economic Times and Deccan Chronicle, covering business, markets, and corporate affairs. My experience spans breaking news, analysis, and long-form features, with a strong focus on financial markets and investment-related reporting.

I am on the go 24/7:  Saying 'Good Night' to Dow Jones and 'Good Morning' to Gift Nifty comes naturally. Ask me about data and you'll hear stories. Away from markets, I enjoy stargazing, astrophotography, reading about India's neighbourhood, and playing video games.

Published on: Jan 18, 2024 11:13 AM IST
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