Shares of JP group companies in demand

Shares of three JP group companies rose by 2.51% to 11.34% at 15:28 IST on BSE after credit ratings firm CARE upgraded the ratings of Jaiprakash Associates.

Jaiprakash Power Ventures (up 11.34%), Jaiprakash Associates (up 9.30%) and Jaypee Infratech (up 2.51%), edged higher.

The S&P BSE Sensex was up 174.82 points, or 0.66% at 26,600.12.

Jaiprakash Associates (JP Associates) announced after trading hours on Friday, 12 June 2015, that Credit Analysis & Research (CARE) has upgraded the credit ratings for short-term and long-term borrowings of the company.

JP Associates' long-term bank facilities for Rs 19168.07 crore stands revised at CARE BB, from CARE BBB-. The short-term bank facilities for Rs 1300 crore stands revised at CARE A4 from CARE A3 and Long-term/Short-term bank facilities for Rs 4812 crore stands revised at CARE BB/CARE A4 from CARE BBB-/CARE A3. The rationale behind the ratings upgrade will be shared by CARE in their monthly journal 'CAREVIEW', Jaiprakash Associates said in a statement.

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