GVK Power & Infrastructure was locked in upper circuit of 20% at Rs 9.99 on back of over five-fold jump in trading volumes.
stock of the electric utilities company has surged 37% in past six trading sessions from Rs 7.29 on July 13, after it informed the bourses that it has exited Bangalore International Airport Limited (BIAL) by selling its residual 10% stake in the airport project to the Prem Watsa-led Fairfax India Holdings Corporation (Fairfax India) for Rs 1,290 crore.
Commenting on the exit from Bengalauru airport, GVK Reddy, founder chairman and managing director, GVK Group said,” We will now focus on Mumbai as well as the Navi Mumbai airport, for which we have won the bid and also on selectively evaluating privatisation opportunities. Capacity optimisation and real estate development will now be our priority areas for the existing Mumbai airport."
JP Associates, too, surged 15% to Rs 26.50 on BSE in intra-day trade. In past two months, the stock it has zoomed 132% from Rs 11.44 as against 4% rise in S&P BSE Sensex.
According to shareholding pattern filed by the Jaiprakash Associates' for the quarter ended June 2017, Rakesh Jhunjhunwala has bought 25 million or 1.03% stake in the company during April-June quarter. Rakesh Jhunjhunwala held nil holding in the company at the end of March quarter, data shows.
Welspun Corp also soared 10% to Rs 125 after the company said it has won orders from Indian customer for supply of @ 100K MTs pipes for water projects in India.
With the addition of this order, current order book of the Company has crossed @699 K MTs worth of Rs 4,200 crore, it added.
“With the tightness on the supply side, given the change in the industry structure and demand remaining healthy, the demand supply balance has shifted in the favour of the suppliers. This has resulted in a significant increase in graphite electrode prices to nearly USD 4,000/t from USD 2,000/t in the spot market,” Ind-Ra said in a press release.
However, most players have not been able to take the full benefit of the price increase, given that the graphite electrode industry contracts for 60%70% of the capacity at the beginning of a calendar year. The benefit of the increased prices will largely be realised in 2HFY18, given that capacities in these quarters would have been contracted at higher prices, added report.
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