Jaypee Infratech gains as resolution professional seeks expression of interest

Jaypee Infratech rose 1.30% to Rs 14 at 13:45 IST on BSE after insolvency resolution professional invited expression of interest for resolution plan for company under insolvency and bankruptcy code.

The announcement was made during market hours today, 27 October 2017.

Meanwhile, the S&P BSE Sensex was up 67.02 points, or 0.20% to 33,214.15.

On the BSE, 1.39 lakh shares were traded in the counter so far, compared with average daily volumes of 10.78 lakh shares in the past one quarter. The stock had hit a high of Rs 14.49 and a low of Rs 13.87 so far during the day. The stock hit a 52-week high of Rs 25.20 on 26 July 2017. The stock hit a 52-week low of Rs 6.42 on 15 November 2016.

The stock had outperformed the market over the past one month till 26 October 2017, 17.12% compared with 6.38% rise in the Sensex. The scrip had underperformed the market in past one quarter, falling 38.71% as against Sensex's 2.59% rise. The scrip had outperformed the market in past one year, rising 55.81% as against Sensex's 18.74% rise.

The small-cap company has equity capital of Rs 1388.93 crore. Face value per share is Rs 10.

By an order dated 9 August 2017 the National Company Law Tribunal (NCLT), Allahabad Bench admitted the application filed by IDBI Bank (the consortium lead banker) for commencement of corporate insolvency resolution process with regard to Jaypee Infratech (JIL) under the provisions of Insolvency and Bankruptcy Code (IBC), 2016.

JIL announced that resolution professional, Anuj Jain, has published an advertisement in a pink daily today, 27 October 2017, inviting expression of interest for resolution plan for the company in accordance with the provisions of IBC.

Jaypee Infratech reported net loss of Rs 44.78 crore in Q1 June 2017 as against net loss of Rs 35.67 crore in Q1 June 2016. Net sales declined 71.58% to Rs 312.30 crore in Q1 June 2017 over Q1 June 2016.

Jaypee Infratech (JIL) is an Infrastructure Development Company engaged in the development, operation and maintenance of the Yamuna Expressway and real estate projects. JIL was incorporated as a Special Purpose Vehicle (SPV) to develop, operate and maintain the 165 KM Yamuna Expressway in the state of Uttar Pradesh, connecting Noida and Agra. The company also has the right to develop 25 million square metres of land along the Yamuna Expressway and Noida at five locations for residential, commercial, amusement, industrial and institutional purposes.

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