Jaiprakash Associates shrugs off weak Q2 results

Jaiprakash Associates rose 2.43% to Rs 46.45 at 10:34 IST on BSE after net profit declined 47.1% to Rs 67.67 crore on 5.6% growth in net sales to Rs 3149.40 crore in Q2 September 2013 over Q2 September 2012.

The Q2 result was announced after market hours on Thursday, 14 November 2013. The stock market was closed on Friday, 15 November 2013 on account of Muharram.

Meanwhile, the S&P BSE Sensex was up 294.42 points or 1.44% at 20,693.84.

On BSE, 6.06 lakh shares were traded in the counter as against average daily volume of 39.50 lakh shares in the past one quarter.

The stock hit a high of Rs 47.05 and a low of Rs 45.85 so far during the day. The stock had hit a 52-week high of Rs 106.75 on 12 December 2012. The stock had 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 14 November 2013, surging 14.09% compared with the Sensex's 1.01% fall. The scrip had also outperformed the market in past one quarter, jumping 36.19% as against Sensex's 5.33% rise.

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

Jaypee Cement Corporation, wholly owned subsidiary of the company, having a total capacity of 12.8 MTPA (including 3 MTPA under implementation), has entered into an agreement on 11 September 2013 with UltraTech Cement for sale of 4.8 MTPA cement plants in Gujarat. Accordingly, demerger of Gujarat cement plants is under process.

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

Powered by Capital Market - Live News