Jai Corp rallies as HC clears hurdle for Navi Mumbai airport

MUMBAI: Shares of Jai Corp surged higher in trade following reports that the Bombay High Court has gave its go-ahead to Cidco's request to clear mangroves for the Navi Mumbai airport.


Jai Corp has interests in Navi Mumbai SEZ, Maha Mumbai SEZ, Rewas port etc. The development of the airport is likely to lead to higher valuation for the land Jai Corp holds.

The airport is coming up on 1,405 hectares of land in Navi Mumbai. Cidco has received approval for diverting 250 hectares of forestland.

Its plan includes regeneration of mangroves at 310 hectares of land at Kamothe and 60 hectares at Moha Creek, in addition to a mangrove park at Waghivali Island.

At 10:20 a.m.; the stock was at Rs 51.60, up 6.61 per cent, on the BSE. It touched a high of Rs 51.85 and a low of Rs 48.20 in trade today.