JP Associates up 13% on nod to divest cement biz; zooms 72% from June low

To give thrust to the ongoing efforts of the Company to reduce its debt, the board of directors has decided to divest Company's significant Cement business

Shares of Jaiprakash Associates moved higher by 13 per cent to Rs 12.04 on the BSE in Monday's intra-day trade amid heavy volumes on the company's plan to divest its cement business to reduce its debt.

"To give thrust to the ongoing efforts of the Company to reduce its debt, the board of directors in their meeting held today, the October 10, 2022, have, inter-alia, decided to divest Company's significant Cement business," Jaiprakash Associates said in an exchange filing. READ HERE

The stock was trading close to its 52-week high level of Rs 13.10, which