Jaypee Infratech up 10% for second straight day

The stock locked in upper circuit for the second day in a row, up 10% at Rs 15.22 on the BSE, after media report suggested that the company has received interest from 18 bidders.

Jaypee Infratech was locked in upper circuit for the second day in a row, up 10% at Rs 15.22 on the BSE, after media report suggested that the company has received interest from 18 bidders.

In the past three trading sessions, the stock rallied 23% from Rs 12.34 on November 8, 2017, as compared to 0.07% decline in the S&P BSE Sensex. A combined 1.14 million shares changed hands and there were pending buy orders for 4.74 million shares on the NSE and BSE at 01:42 PM.

Jaiprakash Associates was also trading 13% higher at Rs 20.75, after hitting intra-day high of Rs 21.35 on the BSE. Jaypee Infratech is a subsidiary of Jaiprakash Associates.

According to Business Standard report, a number of prominent corporate groups, including banks, asset restructuring companies and industry players, have taken part in the bidding process for the builder’s assets. CLICK HERE TO READ FULL REPORT.

Vedanta said that the company had submitted a preliminary non-binding Expression of Interest (EoI) for submission of Resolution Plan of Jaypee Infratech under Corporate Insolvency Resolution Process (CIRP) in response to the advertisement published by the Resolution Professional.

However, you may like to note that no negotiations have taken place on this with Jaypee Infratech. The submission of EoI is in the normal courses of business and an indication of preliminary interest to evaluate and does not constitute any offer to buy the asset, Vedanta said on clarification with reference to news appeared in www.economictimes.com dated November 13, 2017 quoting "Jaypee Infratech gets 18 bidders; JSW, Vedanta, Lodha in the fray.