ALSO READRIL's Mukesh Ambani in talks to buy out Jai Corp's 24% stake in NMSEZ RIL to award R-series contracts in September quarter Cidco clears Mukesh Ambani's industrial city in Navi Mumbai Mukesh Ambani surprises RIL shareholders with 1-for-1 bonus share RIL project seen bumping up petrochemicals core profit by $300 mn
Jai Corp hit an eight year high of Rs 223, up 10% on BSE in intra-day trade after the media report suggested that Reliance Industries’ (RIL) Mukesh Ambani in talks to buy out the company’s 24% stake in Navi Mumbai Special Economic Zone (NMSEZ). The stock is trading at its highest level since January 5, 2011. “RIL Chairman Mukesh Ambani, through his personal investment firms, is in talks to buy out Jai Corp’s 24% stake in NMSEZ. If the deal goes through, Ambani will be the largest shareholder of the NMSEZ with a 48.1% stake,” the Business Standard reported. CLICK HERE TO READ FULL REPORT. The BSE said, the exchange has sought clarification from Jai Corp on January 11, 2018 with reference to news appeared in www.business-standard.com. The reply is awaited. Last week, the NMSEZ project received the go-ahead from the Maharashtra government-owned City and Industrial Development Corporation (Cidco) for its conversion into an industrial city. The stock has strong run-up by gaining 27% in past nine trading sessions of the current calendar year 2018.
On comparison, the S&P BSE Sensex was up 1.2% during the period. In past six months, the stock zoom 163% against 8.5% rise in the benchmark index. At 12:02 PM; it was up 7% at Rs 218 on back of nearly two-fold jump in trading volumes. A combined 10.21 million shares changed hands on the counter on BSE and NSE so far.