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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 it had touched on January 11, 2022. The stock has appreciated 72 per cent from its 52-week low level of Rs 7.01, hit on June 21.
At 02:50 PM, the stock was up 11 per cent at Rs 11.88, as compared to 0.45 per cent decline in the S&P BSE Sensex. The average trading volumes on the counter jumped over seven-fold today. A combined 207.58 million equity shares had changed hands on the NSE and BSE till the time of writing of this report.
Meanwhile, according to a Bloomberg report, billionaire Gautam Adani-controlled Adani Group is in advanced talks with debt-laden Jaiprakash Power Ventures to buy its cement unit.
The ports-to-power conglomerate could pay about Rs 5,000 crore ($606 million) for a cement grinding unit and other smaller assets, it reported. CLICK HERE FOR FULL REPORT
That apart, media reports also suggest that the State Bank of India (SBI) has filed a corporate insolvency petition against Jaiprakash Associates for a debt default of Rs 6,892.48 crore.
The company on September 30, clarified that it has not so far received any notice from the National Company Law Tribunal (NCLT) about filing of petition against the Company, under IBC, by State Bank of India, as reported in the captioned news item. CLICK HERE FOR STATEMENT
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First Published: Mon, October 10 2022. 15:18 IST