Jaiprakash Power Ventures fell 9.89% to Rs 12.30 at 9:55 IST on BSE after Reliance Power on Wednesday, 24 September 2014, called off its discussions with the company to buy three hydropower projects.
The announcement was made after market hours on Wednesday, 24 September 2014.
Meanwhile, the BSE Sensex was down 27.46 points, or 0.10%, to 26,717.23.
On BSE, so far 12.54 lakh shares were traded in the counter, compared with an average volume of 21.91 lakh shares in the past one quarter.
The stock hit a high of Rs 13.30 and a low of Rs 11.95 so far during the day. The stock hit a 52-week high of Rs 26.63 on 26 May 2014. The stock hit a 52-week low of Rs 12.05 on 4 February 2014.
The stock had underperformed the market over the past one month till 24 September 2014, falling 14.15% compared with 1.23% rise in the Sensex. The scrip had underperformed the market in past one quarter, falling 36.66% as against Sensex's 5.42% rise.
The mid-cap company has an equity capital of Rs 2938 crore. Face value per share is Rs 10.
Jaiprakash Power Ventures (JPVL) announced that for reasons not attributable to any regulatory uncertainties but due to difference of commercial aspects, discussion with Reliance Power (RPower) has been called off.
JPVL has a generation base of 1700 MW Hydro power (1000 MW Karcham Wangtoo, 300 MW Baspa II, and 400 MW Vishnu Prayag) and 1160 MW thermal power, including 500 MW Bina thermal project and 660 MW Nigrie thermal power project. The company has been in discussions with Anil Dhirubhai Ambani Group (ADAG) for disinvestment of its Hydro power assets for the last two months, the company said in a statement.
Manoj Gaur, the Chairman Jaypee Group, said that the company was determined to take steps in the larger interest of the shareholders in the prevailing economic sentiment in the country.
Net profit of Jaiprakash Power Ventures declined 25.54% to Rs 69.15 crore on 0.03% fall in net sales to Rs 786.02 crore in Q1 June 2014 over Q1 June 2013.
Jaiprakash Power Ventures, a part of the Jaypee Group was incorporated in 1994. The company owns and operates the 300 MW Baspa-II Hydroelectric Project at District Kinnaur, Himachal Pradesh , 400 MW Vishnuprayag Hydroelectric project, at District Chamoli, Uttarakhand and 1000 MW Karcham-Wangtoo at District Kinnaur, Himachal Pradesh. All the plants are run-of-the-river hydroelectric power projects.
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