Jaiprakash Associates gains on bargain hunting

Jaiprakash Associates gained 2.57% to Rs 47.85 at 12:12 IST on BSE, with the stock reversing recent decline on bargain hunting.

Meanwhile, the BSE Sensex was up 178.37 points, or 0.67%, to 26,816.48

On BSE, so far 16.59 lakh shares were traded in the counter, compared with an average volume of 31.08 lakh shares in the past one quarter.

The stock hit a high of Rs 48.40 and a low of Rs 46.75 so far during the day. The stock hit a 52-week high of Rs 89.85 on 11 June 2014. The stock hit a 52-week low of Rs 30.10 on 28 August 2013.

The stock had underperformed the market over the past one month till 28 August 2014, falling 23.65% compared with 2.49% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 35.74% as against Sensex's 8.48% rise.

The large-cap company has an equity capital of Rs 486.49 crore. Face value per share is Rs 2.

Shares of Jaiprakash Associates had declined 16.02% in seven trading sessions to Rs 46.65 on 28 August 2014 from a recent high of Rs 55.55 on 19 August 2014.

The board of Jaiprakash Associates at a meeting held on 25 August 2014, approved selling the company's 1.5 MTPA cement grinding unit at Panipat, Haryana for a tentative consideration of around Rs 360 crore, subject to adjustments for net working capital and financial indebtedness taken over, as of the closing date of the transaction.

Jaiprakash Associates posted a net loss of Rs 80.61 crore in Q1 June 2014 compared with net profit Rs 334.51 crore in Q1 June 2013. Net sales fell 8.8% to Rs 2993.66 crore in Q1 June 2014 over Q1 June 2013.

Jaiprakash Associates is a diversified infrastructure conglomerate with business interests in engineering & construction, cement, power, real estate, expressways, fertilizer, hospitality, healthcare, sports, information technology and education (not-for-profit).

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