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Jaypee Infratech spurts after Yes Bank approaches NCLT

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Jaypee Infratech hit an upper circuit limit of 5% at Rs 1.54 after private sector lender Yes Bank on Monday filed an insolvency petition against Jaypee Healthcare before the Allahabad bench of National Company Law Tribunal (NCLT).

A petition is under filing by Yes Bank under section 7 of the Insolvency and Bankruptcy Code, 2016 before National Company Law Tribunal (NCLT), Allahabad to initiate Corporate Insolvency Resolution Process against Jaypee Healthcare (a subsidiary of Jaypee Infratech), the company said in a filing to the exchange on Monday.

According to media reports, Yes Bank has made claims worth Rs 189.4 crore against Jaypee Infratech.

Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after NCLT admitted an application by an IDBI Bank-led consortium. Anuj Jain was appointed as an interim resolution professional to conduct insolvency process and also manage the affairs of the company.

On 6 November, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days.

Shares of Jaypee Infratech jumped 14.92% in three trading sessions to its current market price of Rs 1.54 from its recent closing low of Rs 1.34 on Thursday, 28 November 2019.

Meanwhile, the S&P BSE Sensex was down 182 points or 0.45% to 40,620.30.

On the technical front, the stock's RSI (relative strength index) stood at 63.676. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading above its 50-day moving average (DMA) placed at Rs 1.25, but still below its 200 DMA placed at Rs 1.81.

On a consolidated basis, Jaypee Infratech reported a net loss of Rs 434.52 crore in Q2 September 2019 as compared to a net loss of Rs 368.16 crore in Q2 September 2018. Net sales rose 77% to Rs 521.43 crore in Q2 September 2019 over Q2 September 2018.

Jaypee Infratech (JIL) is engaged in the real estate development. The firm's business segments include Yamuna Expressway project and healthcare.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 03 2019. 15:05 IST
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