Jaiprakash Associates hits fresh 52-week high

The stock hit a fresh 52-week high of Rs 18.60, rallied 99% from Rs 9.34 on May 24.

Jaiprakash Associates hit a fresh 52-week high of Rs 18.60, up 13%, extending its past two days 12% gain on BSE, after lenders clear the company’s debt recast plan.

According to Business Standard reports, lenders have approved in principle the debt recast for Jaypee group flagship Jaiprakash Associates and will issue a formal clearance on Thursday. The draft recast plan had been circulated among the lending banks, bankers said. CLICK HERE TO READ FULL REPORT

On clarification of news report, Jaiprakash Associates said that the proposal for realignment of remaining debt of the company subsequent to the transfer of  a large part of the debt to UltraTech Cement subject to approval of the lenders which is awaited.

The Joint Lenders Forum (JLF) of the company met on June 22, 2017. However, the Company is yet to hear about the decision of the Lenders. Therefore, the company cannot comment on the news item.

The trading volumes on the counter more than doubled with a combined 244 million shares changed hands on the BSE and NSE till 03:09 pm.

Since May 24, the stock rallied 99% from Rs 9.34, as compared to 3% rise in the S&P BSE Sensex.