Jaiprakash Associates fell 2.16% to Rs 40.85 at 12:53 IST on BSE as the company's Q1 June 2013 result was boosted by an exceptional non-recurring income.
The company announced Q1 result during market hours today, 29 July 2013.
Meanwhile, the S&P BSE Sensex was down 48.63 points, or 0.25%, to 19,699.56.
On BSE, 61.03 lakh shares were traded in the counter as against an average daily volume of 25.10 lakh shares in the past one quarter.
The stock hit a low of Rs 39.10 so far during the day, which is also a 52-week low for the counter. The stock hit a high of Rs 42.80 so far during the day. The stock had hit a 52-week high of Rs 106.75 on 12 December 2012.
The stock had underperformed the market over the past one month till 26 July 2013, sliding 17.57% compared with the Sensex's 6.45% rise. The scrip had underperformed the market in past one quarter, falling 44.37% as against Sensex's 2.39% rise.
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The mid-cap company has an equity capital of Rs 443.81 crore. Face value per share is Rs 2.
Jaiprakash Associates shares witnessed selling pressure in the past few trading sessions ahead of Q1 results. The stock is down 18.54% in four sessions from a recent high of Rs 50.15 on 23 July 2013.
The company's net profit surged 140.93% to Rs 334.51 crore on 10.38% rise in total income to Rs 3351.93 crore in Q1 June 2013 over Q1 June 2012.
The surge in net profit was due to an exceptional non-recurring income on sale of stake in its subsidiary Jaypee Infratech to meet the minimum public shareholding norms (MPS) of Jaypee Infratech. The company made a profit of Rs 395.28 crore on sale of 16 crore equity shares of Jaypee Infratech.
Jaiprakash Associates' profit from operations before other income, finance costs and exceptional items fell 7.68% to Rs 590.38 crore in Q1 June 2013 over Q1 June 2012. It tumbled 16.03% over Q4 March 2013.
The company's revenue from the cement business fell 1.51% to 1539.34 crore in Q1 June 2013 over Q1 June 2012. It fell 5.93% over Q4 March 2013.
The company's revenue from the real estate business surged 175.22% to 454.27 crore in Q1 June 2013 over Q1 June 2012. It fell 29.11% over Q4 March 2013.
Jaiprakash Associates is a diversified company with business interest in construction, power, cement, real estate and hospitality.
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