Buzzing Today: Shares of this small-cap infrastructure company rally post announcement of the sale of its cement business
As per some media reports, the buyer for the cement unit is none other than Adani Group.
Shares of Jaiprakash Associates are buzzing on the bourses today. As of 12 pm, the shares of the company are trading at Rs 12.03 apiece, higher by 2.47% over the previous close. Meanwhile, the frontline index S&P BSE Sensex is down by 0.24%.
Even in the pre-opening session today, the shares of Jaiprakash Associates witnessed high demand from investors. During this time, the shares of the company were trading higher by 4.77%. Owing to this, the company was one of the top gainers on BSE during the pre-opening session.
The surge in the share price of Jaiprakash Associates has come on the back of an announcement made by the company yesterday. As per the exchange filing, the company announced that to give thrust to its ongoing efforts to reduce debt, its board of directors has inter-alia decided to divest the company's significant cement business.
As per some media reports, the buyer for the cement unit is none other than Adani Group. It is being said that the transaction is valued at Rs 5000 crore.
In the previous trading session, when the announcement was made, the company reported a spurt in trading volume of more than 4.43 times. Now, the company is in stage 1 of Additional Surveillance Measure (ASM) for the short term on BSE.
Jaiprakash Associates Limited (JAL) is a part of S&P BSE SmallCap index. It is an India-based diversified infrastructure conglomerate. JAL’s business includes seven sectors: engineering and construction, power, cement, real estate, hospitality, expressways, and sports and education.
Today, the scrip opened at Rs 12.30 and touched a high and low of Rs 12.50 and Rs 11.70, respectively. So far 71,89,162 shares have been traded on the bourses. The stock has a 52-week high and low of Rs 13.10 and Rs 7.01, respectively on BSE.
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