Jaiprakash Associates rose 1.53% to Rs 49.75 at 9:20 IST on BSE after the company's board approved selling 74% stake in Bokaro Jaypee Cement, a joint venture with Sail, to Dalmia Cement (Bharat).
The company made the announcement after market hours on Monday, 24 March 2014. Shares of Dalmia Cement (Bharat) were up 2.63% at Rs 241.75.
Meanwhile, the BSE Sensex was down 29.47 points, or 0.13%, to 22,026.01.
On BSE, so far 3.11 lakh shares were traded in the counter, compared with an average volume of 23.42 lakh shares in the past one quarter.
The stock hit a high of Rs 50 and a low of Rs 49.50 so far during the day. The stock hit a 52-week high of Rs 83.60 on 20 May 2013. The stock hit a 52-week low of Rs 28.40 on 19 August 2013.
The stock had outperformed the market over the past one month till 24 March 2014, rising 16.95% compared with the Sensex's 5.98% rise. The scrip had, however, underperformed the market in past one quarter, falling 9.93% as against Sensex's 4.86% rise.
The large-cap company has an equity capital of Rs 443.81 crore. Face value per share is Rs 2.
The board of Jaiprakash Associates (JAL) on 24 March 2014 approved signing of share purchase agreement with Dalmia Cement (Bharat) for selling its 74% stake (9.89 crore equity shares owned by it) in the paid-up equity share capital of Bokaro Jaypee Cement (BoJCL) [a joint venture between JAL and Steel Authority of India (Sail)] to Dalmia Cement (Bharat) or any of its associates/affiliates.
The stake sale is subject to the approval of Sail and such other approvals, as may be necessary from lenders of BoJCL and concerned authorities. The consideration for the transaction works out to approximately Rs 69.74 per share (against its cost of Rs 18.57 per share), JAL said in a statement.
Jaiprakash Associates reported net loss of Rs 88.71 crore in Q3 December 2013 as compared to a net profit of Rs 110.93 crore in Q3 December 2012. Total income fell 9.5% to Rs 3181.81 crore in Q3 December 2013 over Q3 December 2012.
Jaiprakash Associates is a diversified company with business interest in construction, power, cement, real estate and hospitality
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