Jaiprakash Associates surged 4.61% to Rs 34.05 at 15:06 IST on BSE on reports UltraTech Cement is close to buying the company's Gujarat cement plant for about Rs 3700 crore.
Meanwhile, the BSE Sensex was up 109.08 points, or 0.61%, to 18,077.16
On BSE, 60.95 lakh shares were traded in the counter compared with average volume of 34.93 lakh shares in the past one quarter.
The stock hit a high of Rs 34.15 and a low of Rs 30.10 so far during the day. The stock hit a 52-week high of Rs 106.75 on 12 December 2012. The stock hit a 52-week low of Rs 28.40 on 19 August 2013.
The stock had underperformed the market over the past one month till 27 August 2013, sliding 22.04% compared with the Sensex's 9.01% fall. The scrip had also underperformed the market in past one quarter, declining 52.83% as against Sensex's 10.3% slide.
The mid-cap company has an equity capital of Rs 443.81 crore. Face value per share is Rs 2.
As per reports, UltraTech Cement is close to buying Jaiprakash Associates' Gujarat cement plant for about Rs 3700 crore. Reports added that the deal may be announced as early as next week. Both the companies have been in discussions for the 4.8 million tonne plant for more than a year, reports added. The likely deal will help Jaiprakash Associates to reduce debt and help UltraTech Cement to ramp up capacity. Shares of UltraTech Cement lost 5.95% to Rs 1,465.
Jaiprakash Associates' net profit surged 140.9% to Rs 334.51 crore on 10.8% rise in net sales to Rs 3283.26 crore in Q1 June 2013 over Q1 June 2012.
The surge in net profit was due to an exceptional non-recurring income on sale of stake in its subsidiary Jaypee Infratech to meet the minimum public shareholding norms (MPS) of Jaypee Infratech. The company made a profit of Rs 395.28 crore on sale of 16 crore equity shares of Jaypee Infratech.
Jaiprakash Associates is a diversified company with business interest in construction, power, cement, real estate and hospitality.
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