Jaiprakash Associates gains on plan to sell stake in JV units

Jaiprakash Associates rose 1.34% to Rs 49 at 9:16 IST on BSE after the company said that its board will meet on 24 March 2014, to consider stake sale in joint venture subsidiaries.

The company made the announcement before market hours today, 24 March 2014.

Meanwhile, the BSE Sensex was up 124.97 points, or 0.57%, to 21,880.29.

On BSE, so far 84,000 shares were traded in the counter, compared with an average volume of 23.34 lakh shares in the past one quarter.

The stock hit a high of Rs 49.05 and a low of Rs 48.75 so far during the day. The stock hit a 52-week high of Rs 83.60 on 20 May 2013. The stock hit a 52-week low of Rs 28.40 on 19 August 2013.

The stock had outperformed the market over the past one month till 22 March 2014, rising 15.53% compared with the Sensex's 5.09% rise. The scrip had, however, underperformed the market in past one quarter, falling 9.03% as against Sensex's 3.20% rise.

The large-cap company has an equity capital of Rs 443.81 crore. Face value per share is Rs 2.

Jaiprakash Associates reported net loss of Rs 88.71 crore in Q3 December 2013 as compared to a net profit of Rs 110.93 crore in Q3 December 2012. Total income fell 9.5% to Rs 3181.81 crore in Q3 December 2013 over Q3 December 2012.

Jaiprakash Associates is a diversified company with business interest in construction, power, cement, real estate and hospitality

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