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| JP Hydro Power rallies 8% on merger plan |
| BS Reporter / Mumbai Jun 25, 2009, 16:04 IST |
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Jaiprakash Hydro Power soared to a high of Rs 95 and finally ended near the day's high at Rs 94, up 8%. The counter witnessed comparatively heavy trade volumes of 15.30 million as against the two-week daily trade average of 8.54 million shares. The stock advanced 46% in the last month.
On the other hand, Jaiprakash Associates settled with a gain of 2% at Rs 218. Over 3.9 million shares were traded on the BSE today.
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(Updated at 1246 hrs)
Jaiprakash Hydro Power has surged on news of a proposed merger with Jaiprakash Power Venture (JPVL), a wholly-owned subsidiary of Jaiprakash Associates.
The stock opened up 2.5% at Rs 89. It surged 8.5% to a high of Rs 94 and is now trading 6.5% higher at Rs 92. The stock has advanced 44% in the past month. Over 6.12 million shares have been traded on the BSE so far.
The merger would help JPVL raise funds through equity routes. After the merger, the company plans to divest 15-20% stake for Rs 3,000-4,000 crore.
Meanwhile, Jaiprakash Associates, the parent company of JPVL, touched a high of Rs 221, up around 4%. It is now trading 2.5% higher at Rs 219. Over 2 million shares have changed hands at the counter so far.
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