Jaiprakash Associates slips on lackluster Q1 outcome

Jaiprakash Associates skidded 5.62% to Rs 11.43 at 11:40 IST on BSE after the company reported net loss of Rs 602.95 crore in Q1 June 2016 higher than net loss of Rs 482.43 crore in Q1 June 2015.

The result was announced on Friday, 9 September 2016.

Meanwhile, the BSE Sensex was down 389.59 points, or 1.35%, to 28,405.23.

On BSE, so far 37.99 lakh shares were traded in the counter, compared with average daily volume of 1.03 crore shares in the past one quarter. The stock hit a high of Rs 11.65 and a low of Rs 10.95 so far during the day. The stock hit a record low of Rs 5.30 on 2 June 2016. The stock hit a 52-week high of Rs 14.90 on 16 October 2015. The stock had outperformed the market over the past one month till 9 September 2016, gaining 2.98% compared with Sensex's 2.54% gain. The scrip had also outperformed the market in past one quarter, jumping 111.34% as against Sensex's 7.6% gain.

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

Jaiprakash Associates' total income decreased 26.99% to Rs 1747.76 crore in Q1 June 2016 over Q1 June 2015.

Separately, Jaiprakash Associates said on Saturday, 10 September 2016 that Unit-2 of 660 megawatts (MW) of 1980 MW Bara Supercritical Thermal Power Project, being implemented by Prayagraj Power Generation Company has successfully commenced commercial operations on 10 September 2016. Prayagraj Power Generation Company is a material un-listed subsidiary of Jaiprakash Power Ventures (JPVL), which is a subsidiary of Jaiprakash Associates

Shares of JVPL dropped 2.21% to Rs 4.86.

Jaiprakash Associates is the flagship company of the Jaypee group and is engaged in engineering and construction, real estate and hospitality businesses.

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