Jaypee Infratech hits record low

Jaypee Infratech tumbled 5.88% to Rs 28.80 at 14:50 IST on BSE, extending recent steep losses to hit a record low today, 4 June 2013.

Meanwhile, the S&P BSE Sensex was down 22.49 points, or 0.11%, to 19,587.99.

On BSE, 4.60 lakh shares were traded in the counter as against an average daily volume of 1.27 lakh shares in the past one quarter.

The stock hit a low of Rs 28.65 so far during the day, which is also a record low for the counter. The stock hit a high of Rs 31.25 so far during the day. The stock had hit a 52-week high of Rs 61.50 on 11 July 2012.

The stock had underperformed the market over the past one month till 3 June 2013, falling 18.73% compared with the Sensex's 0.18% rise. The scrip had also underperformed the market in past one quarter, sliding 30.38% as against Sensex's 3.66% rise.

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

Shares of Jaypee Infratech have fallen 27.46% in five trading sessions from a recent high of Rs 39.70 on 28 May 2013. The company concluded its offer for sale (OFS) on 29 May 2013. The OFS of Jaypee Infratech was subscribed 1.43 times at an indicative price of Rs 35.13 per share. Investors bid for 22.95 crore shares compared with 16 crore shares offered by the company's promoter, Jaiprakash Associates.

After the share sale, Jaiprakash Associates' total stake in Jaypee Infratech reduced to 71.64% from 83.16% earlier.

Jaypee Infratech's net profit declined 57.5% to Rs 148.51 crore on 4.1% growth in net sales to Rs 958.23 crore in Q4 March 2013 over Q4 March 2012.

Jaypee Infratech has only one segment i.e. the Yamuna expressway project in Uttar Pradesh, connecting Noida and Agra, which includes construction, operation and maintenance of the Yamuna expressway and rights for land development of 25 million square meters along the expressway. The Yamuna expressway project was commissioned on 7 August 2012 and opened to public from 9 August 2012.

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