Shares of JP Associates and Andhra Cements surge on stake sale buzz

This, after media reports suggested that the former is scouting for buyers to sell its majority stake in the latter

Share prices of Jaiprakash Associates and Andhra Cements rose 1.6 per cent and 2.15 per cent on Friday on media reports suggesting that the former is scouting for buyers to sell its majority stake in the latter. The JP group holds a stake of 68.79 per cent in Andhra Cements.

Spokesperson of Jaiprakash Associates, told Business Standard, over the telephone, "We do not comment on market speculations." JP had bought majority stake in Andhra Cements, part of the GP Goenka group in 2011.