Jaiprakash Associates rose 5.62% to Rs 35.70 at 14:12 IST on BSE on bargain hunting after the stock fell 29.88% in the preceding four trading sessions to Rs 33.80 on 5 September 2014, from a recent high of Rs 48.20 on 1 September 2014.
Meanwhile, the BSE Sensex was up 210.62 points, or 0.78%, to 27,237.32.
On BSE, so far 1 crore shares were traded in the counter, compared with an average volume of 39.52 lakh shares in the past one quarter.
The stock hit a high of Rs 35.75 and a low of Rs 32.75 so far during the day. The stock hit a 52-week high of Rs 89.85 on 11 June 2014. The stock hit a 52-week low of Rs 32.30 on 5 September 2014.
The stock had underperformed the market over the past one month till 5 September 2014, falling 46.14% compared with 4.32% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 59.30% as against Sensex's 8.02% rise.
The mid-cap company has an equity capital of Rs 486.49 crore. Face value per share is Rs 2.
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The recent fall in shares of Jaiprakash Associates was triggered by a promoter entity paring its stake in the company on 3 September 2014.
Jaiprakash Associates on 4 September 2014 clarified that one of the promoters holding 72.36 crore shares, constituting 29.75% of the company's shares capital, has sold only 1.45% of share holding and continues to hold 68.83 crore shares, constituting 28.30% of the company's share capital. This small share holding has been disposed off by the promoter company to meet its requirement of funds including for social cause, Jaiprakash Associates said.
The promoters of Jaiprakash Associates continue to have full faith in the company and hope that the investor/stakeholders would continue to have confidence in the company and its management, the company said. The company issued the clarification after rumors in the market that the promoters are selling their share holding in the company.
Jaiprakash Associates posted a net loss of Rs 80.61 crore in Q1 June 2014 compared with net profit Rs 334.51 crore in Q1 June 2013. Net sales fell 8.8% to Rs 2993.66 crore in Q1 June 2014 over Q1 June 2013.
Jaiprakash Associates is a diversified infrastructure conglomerate with business interests in engineering & construction, cement, power, real estate, expressways, fertilizer, hospitality, healthcare, sports, information technology and education (not-for-profit).
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