JP Associates rallies 35% in two days on Rare Enterprises stake buy

The stock has moved higher by 15% to Rs 22, extending its Thursday's over 15% surge on the NSE, after Rare Enterprises has purchased 30 million shares from open market.

Jaiprakash Associates has moved higher by 15% to Rs 22, extending its Thursday’s over 15% surge on the National Stock Exchange (NSE), after Rare Enterprises purchased 30 million shares of the company worth Rs 551 million through open market.

In past two trading sessions, the stock rallied 35% from Rs 16.35 on March 14, 2018. It zoomed 58% thus far in the current week, against 0.51% rise in the Nifty 50 index.

On Thursday, March 15, 2018, Rare Enterprises acquired 30 million shares of JP Associates at price of Rs 18.37 per share through bulk deal on the NSE, the exchange data shows.

As of December 31, 2017, Rare Enterprises have nil holding in the construction & engineering company, the shareholding pattern data shows.

Rare Enterprises is a private equity firm owned by investor Rakesh Jhunjhunwala.

At 12:07 am; JP Associates was trading 9% higher at Rs 20.85 on back of heavy volumes. A combined 165 million equity shares have already changed hands on the NSE and BSE so far. On an average a combined 100 million shares were traded daily in past two weeks.