Jaiprakash Power gains ahead of board meeting

Jaiprakash Power Ventures rose 1.39% to Rs 5.10 at 10:13 IST on BSE after the company said that its board will consider transferring 500 megawatts Jaypee Bina Thermal power plant to a subsidiary.

The announcement was made after market hours yesterday, 15 June 2016.

Meanwhile, the BSE Sensex was down 280.62 points, or 1.05%, to 26,406.81.

On BSE, so far 1.99 lakh shares were traded in the counter, compared with an average volume of 2.06 crore shares in the past one quarter. The stock hit a high of Rs 5.19 and a low of Rs 5.03 so far during the day. The stock hit a 52-week high of Rs 8.42 on 7 August 2015. The stock hit a record low of Rs 3.65 on 2 June 2016. The stock had outperformed the market over the past one month till 15 June 2016, rising 19.48% compared with 3.70% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 7.94% as against Sensex's 8.30% rise.

The small-cap company has an equity capital of Rs 2938 crore. Face value per share is Rs 10.

Jaiprakash Power Ventures said that a meeting of the board of directors of the company will be held on Friday, 17 June 2016, to consider the recommendations of committee of directors for transfer of 500 megawatts (MW) Jaypee Bina Thermal power plant of the company to its subsidiary company.

Jaiprakash Power Ventures reported net loss of Rs 352.85 crore in Q4 March 2016 as against net loss of Rs 141.54 crore in Q4 March 2015. Net sales declined 26.62% to Rs 669.01 crore in Q4 March 2016 over Q4 March 2015.

Jaiprakash Power Ventures is a power company and a part of Infrastructure conglomerate - Jaypee Group. The company plans, develops, implements and operates power projects in India.

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