Jaiprakash Power Ventures jumps on plans to raise funds

Jaiprakash Power Ventures jumped 10.54% to Rs 20.14 at 11:19 IST on BSE after the company said its board approved seeking shareholders' nod for raising funds upto Rs 3000 crore.

Meanwhile, the S&P BSE Sensex was up 84.21 points or 0.35% at 24,205.95.

On BSE, so far 20.03 lakh shares were traded in the counter as against average daily volume of 17.01 lakh shares in the past one quarter.

The stock hit a high of Rs 20.25 and a low of Rs 18.50 so far during the day. The stock had hit a 52-week high of Rs 29.50 on 20 May 2013. The stock had hit a record low of Rs 8.55 on 2 August 2013.

The stock had outperformed the market over the past one month till 16 May 2014, jumping 17.32% compared with the Sensex's 8.28% rise. The scrip had also outperformed the market in past one quarter, surging 34.37% as against Sensex's 18.44% rise.

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

Jaiprakash Power Ventures reported a net loss of Rs 171.98 crore in Q4 March 2014, higher than net loss of Rs 122.26 crore in Q4 March 2013. Total income rose 19.24% to Rs 459.03 crore in Q4 March 2014 over Q4 March 2013. The result was announced before market hours today, 19 May 2014.

Jaiprakash Power Ventures' net profit declined 94% to Rs 19.73 crore on 19.63% growth in total income to Rs 2740.49 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).

On consolidated basis, Jaiprakash Power Ventures' declined 90.64% to Rs 32.86 crore on 16.67% growth in total income to Rs 2913.52 crore in FY 2014 over FY 2013.

Jaiprakash Power Ventures said that the results under review are in respect of 300 MW Jaypee Baspa II H.E. Plant , 400 MW Jaypee Vishnuprayag H.E. Plant, 1000 MW Jaypee Karcham Wangtoo H.E. Plant and 500 MW Jaypee Bina Thermal Power Plant. The corresponding figures of the quarter/year in the previous year are only for 300 MW Baspa II H.E. Plant, 400 MW Jaypee Vishnuprayag H.E. Plant, 1000 MW Jaypee Karcham Wangtoo H.E. Plant and 250 MW Jaypee Bina Thermal Power Plant and hence not comparable as the Unit I (250 MW) of Bina Thermal Power Plant was commissioned in August, 2012 and second Unit (250 MW) in April, 2013.

Jaiprakash Power Ventures' board of directors at its meeting held on Saturday, 17 May 2014, approved for seeking shareholders' approval/renewal of shareholders' approval which is valid till 5 July 2014, to raise funds through various domestic/international options, including QIP/ECB with rights of conversion into shares/FCCBs/ADRs/GDRs/FPO/optionally or compulsorily convertible redeemable preference shares etc. upto Rs 3000 crore (against Rs 2500 crore already approved on 6 July 2013) for the company's ongoing projects and/or the projects of its joint venture and subsidiary companies and also to reduce company's debt.

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

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