Jaiprakash Associates shares up over 3 pc

Shares of Jaiprakash Associates rose by over 3 per cent today following reports that Ultratech Cement is believed to be looking at possible acquisition of Jaypee Group's three cement plants in Madhya Pradesh in a deal that could be worth about Rs 5,500-6,000 crore.
Jaiprakash Associates' stock gained 3.11 per cent to settle at Rs 28.15 on the BSE. During the day, it jumped 4.39 per cent to Rs 28.50.
At the NSE, it rose by 3.47 per cent to end at Rs 28.35.
Shares of Ultratech Cement, however, lost 0.33 per cent to settle at Rs 2,550.55.
While investment banking sources involved in the talks said that the discussions are currently under way for a possible deal, a spokesperson for UltraTech had declined to comment on queries in this regard.

Jaypee Group spokesperson Askari Zaidi denied any plans for sale of these plants.
"This information is not correct. The company has no plan to sell its Reva cement plants," he had said.
Sources have, however, maintained that UltraTech is looking to acquire the three cement plants of Jaypee Group in Reva, Madhya Pradesh and pegged the valuation at around Rs 5,500-6,000 crore.