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JP Associates drops on profit booking

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tumbled 7.07% to Rs 26.95 at 10:48 on BSE, with the stock sliding on profit booking after Monday's rally triggered by the company reporting turnaround in Q1.

Meanwhile, the S&P Sensex was down 210.32 points or 0.65% at 32,063.35. The S&P Mid-Cap index declined 135.30 points or 0.87% at 15,464.97.

On the BSE, 93.01 lakh shares were traded on the counter so far as against the average daily volumes of 1.30 crore shares in the past one quarter. The stock had hit a high of Rs 29.35 and a low of Rs 26.10 so far during the day. The stock had hit a 52-week high of Rs 30.40 yesterday, 7 August 2017 and a 52-week low of Rs 6.71 on 25 November 2016.

The stock had outperformed the market over the past one month till 7 August 2017, advancing 31.22% compared with the Sensex's 2.91% rise. The stock had also outperformed the market over the past one quarter, gaining 132.74% as against the Sensex's 8.09% rise. The scrip had also outperformed the market over the past one year, advancing 137.12% as against the Sensex's 14.94% rise.

The mid-cap company has equity capital of Rs 486.49 crore. Face value per share is Rs 2.

Shares of had surged 14.4% in a single trading session to settle at Rs 29 yesterday, 7 August 2017, after the company announced turnaround in Q1 results on Saturday, 5 August 2017.

reported net profit of Rs 764.99 crore in Q1 June 2017 compared with net loss of Rs 602.95 crore in Q1 June 2016. Net sales rose 44.2% to Rs 2491.40 crore in Q1 June 2017 over Q1 June 2016.

Jaiprakash Associates' board at its meeting held on Saturday, 5 August 2017, approved proposal for seeking shareholders' approval by way of enabling special resolution at the ensuing annual general meeting for raising of funds through various means viz. equity/equity related instruments with various domestic/international options including QIP, rights issue, FPO/preferential issue/GDRs/ADRs/ECBs with right of conversion into equity shares, if any, or any other mode, upto Rs 2000 crore for meeting capital expenditure, reduction of debts, general corporate purposes and for raising working capital requirements for real estate business and other businesses.

Jaiprakash Associates is a diversified infrastructure company.

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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, August 08 2017. 10:47 IST