Jaypee Group stocks gain on deal with JSW Energy

Shares of Jaypee Group firms today ended with up to 9 per cent gains after the group inked a binding pact with Sajjan Jindal-led JSW Energy for selling three projects.
Jaiprakash Power Ventures Ltd shares zoomed 8.94 per cent to settle at Rs 12.80 on the BSE.
Similarly, Jaiprakash Associates surged 5.44 per cent to Rs 27.15 and Jaypee Infratech rose by 4.76 per cent to Rs 20.90.
On the other hand, shares of JSW Energy ended down by 0.35 per cent at Rs 72.05.
In its third attempt to strike a deal for its power assets, Jaypee Group yesterday inked a binding pact with Sajjan Jindal-led JSW Energy for selling three projects, including two hydel plants.

The announcement came after Jaiprakash Power's proposed sale of three hydro projects to Reliance Power had fallen through.

"JSW Energy Limited (JSW) and Jaiprakash Power Ventures Limited (JPVL), announced the signing of binding Memorandum of Understanding (MoU), for the 100 per cent acquisition by JSW of three operational plants of JPVL," the companies had said in similarly-worded statements.
The financial details of the deal, were, however, not disclosed.
These plants are -- 300 MW Baspa-II Hydro Electric Plant, 1,091 MW Karcham Wangtoo Hydro Electric Plant and 500 MW Bina Thermal Power Plant, it added.