Jaiprakash Power drops on profit taking

Jaiprakash Power Ventures lost 0.98% to Rs 20.20 at 15:11 IST on BSE, with the stock sliding on profit booking after recent steep rally.

Meanwhile, the S&P BSE Sensex was up 10.85 points or 0.05% at 20,968.66.

On BSE, 6.50 lakh shares were traded in the counter compared with average volume of 10.88 lakh shares in the past one quarter.

The stock was volatile. The stock lost as much as 3.92% at the day's low of Rs 19.60 so far during the day. The stock rose as much as 0.49% at the day's high of Rs 20.50 so far during the day.

The stock had outperformed the market over the past one month till 5 December 2013, surging 5.43% compared with the Sensex's 0.08% fall. The scrip had also outperformed the market in the past one quarter, spurting 40.98% as against Sensex's 10.42% surge.

Shares of Jaiprakash Power Ventures had surged 17.91% in six trading sessions to settle at Rs 20.40 on Thursday, 5 December 2013 from a recent low of Rs 17.30 on 27 November 2013.

Jaiprakash Power Ventures' net profit declined 31.2% to Rs 251.89 crore on 8.2% growth in net sales to Rs 968.48 crore in Q2 September 2013 over Q2 September 2012.

Jaiprakash Power Ventures currently operates the largest hydroelectric power plant in the private sector in India.

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