Latest News | Jaiprakash Associates Shares Jump Nearly 10 Pc; Jaiprakash Power Climbs 4 Pc
Get latest articles and stories on Latest News at LatestLY. Shares of Jaiprakash Associates and Jaiprakash Power Ventures ended with gains on Monday after these firms announced plans to divest their cement business as well as some non-core assets to reduce debt.
New Delhi, Oct 10 (PTI) Shares of Jaiprakash Associates and Jaiprakash Power Ventures ended with gains on Monday after these firms announced plans to divest their cement business as well as some non-core assets to reduce debt.
Jaiprakash Associates Ltd (JAL) jumped 9.72 per cent to settle at Rs 11.74 apiece on the BSE. During the day, it rallied 12.52 per cent to Rs 12.04.
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Shares of Jaiprakash Power Ventures Ltd (JPVL) climbed 3.80 per cent to end at Rs 8.46 apiece. In intra-day trade, it jumped 4.66 per cent to Rs 8.53.
Both companies are part of the Jaypee group, which has been facing business headwinds.
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"With a view to give thrust to the ongoing efforts of the company to reduce its debt, the board of directors in their meeting... decided to divest company's significant cement business," JAL said in a regulatory filing.
The board of JPVL has also "decided to divest company's Nigrie Cement Grinding Unit as well as other non-core assets", according to another regulatory filing.
Meanwhile, in the broader market, the 30-share BSE Sensex declined 200.18 points or 0.34 per cent to settle at 57,991.11.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)