UltraTech Cement lost 0.1% and Jaiprakash Associates surged 5.03% at 11:24 IST on BSE after the Competition Commission of India approved UltraTech Cement's acquisition of cement assets of Jaiprakash Associates.
Shares of UltraTech Cement were down 0.1% at Rs 3,724.75. The stock hit a high of Rs 3,781.70 and a low of Rs 3,708.70 so far during the day.
Shares of Jaiprakash Associates were up 5.03% at Rs 11.69. The stock hit a high of Rs 11.72 and a low of Rs 10.94 so far during the day.
Meanwhile, the S&P BSE Sensex was up 86.51 points or 0.31% at 27,861.39.
Jaiprakash Associates (JAL) and UltraTech Cement had entered into an agreement in July 2016 whereby JAL had agreed to sell its cement plants spread across five states to UltraTech Cement for enterprise value of Rs 16189 crore. The board of directors of JAL and UltraTech Cement had approved for sale of cement business of JAL and its wholly-owned subsidiary Jaypee Cement Corporation (JCCL).
UltraTech Cement is a leading cement manufacturer in India. It is a part of the Aditya Birla Group. The company's consolidated net profit rose 29.2% to Rs 780.11 crore on 4.1% growth in net sales to Rs 6537.83 crore in Q1 June 2016 over Q1 June 2015.
Jaiprakash Associates is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses. The company reported net loss of Rs 1387.30 crore in Q4 March 2016, higher than net loss of Rs 858.07 crore in Q4 March 2015. Net sales declined 25.7% to Rs 1893.94 crore in Q4 March 2016 over Q4 March 2015.
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