Jaiprakash Power recovers on bargain hunting

Jaiprakash Power Ventures rose 1.69% to Rs 18 at 14:05 IST on BSE, with the stock recovering on bargain hunting after recent slide.

Meanwhile, the S&P BSE Sensex was up 167.83 points or 0.81% at 20,881.20.

On BSE, so far 2.22 lakh shares were traded in the counter as against average daily volume of 9.21 lakh shares in the past one quarter.

The stock was volatile. The stock rose as much as 2.25% at the day's high of Rs 18.10 so far during the day. The stock lost as much as 1.69% at the day's low of Rs 17.40 so far during the day. The stock had hit a 52-week high of Rs 40.95 on 9 January 2013. The stock had hit a record low of Rs 8.55 on 2 August 2013.

The stock had underperformed the market over the past one month till 9 January 2014, declining 13.66% compared with the Sensex's 2.87% fall. The scrip had, however, outperformed the market in past one quarter, jumping 6.31% as against Sensex's 2.29% rise.

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

Shares of Jaiprakash Power Ventures had declined 6.34% in four trading sessions to settle at Rs 17.70 on Thursday, 9 January 2014 from a recent high of Rs 18.90 on 3 January 2014.

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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