Jaiprakash Power Ventures spurted 13.19% to Rs 16.31 at 11:21 IST on BSE on reports the company may sell its two mega operating hydro-power projects in Himachal Pradesh to Abu Dhabi Water & Electric Authority.
Meanwhile, the BSE Sensex was up 532.57 points, or 2.76%, to 19,802.63
On BSE, 11.88 lakh shares were traded in the counter compared with average volume of 16.73 lakh shares in the past one quarter.
The stock hit a high of Rs 16.55 and a low of Rs 15.10 so far during the day. The stock hit a 52-week high of Rs 46.90 on 11 December 2012. The stock hit a record low of Rs 8.55 on 2 August 2013.
The stock had outperformed the market over the past one month till 6 September 2013, rising 48.10% compared with the Sensex's 2.87% rise. The scrip had, however, underperformed the market in past one quarter, sliding 39.20% as against Sensex's 1.28% fall.
The mid-cap company has an equity capital of Rs 2938 crore. Face value per share is Rs 10.
According to the media report, Jaiprakash Power Ventures (JPVL) - also the country's largest private sector hydro-power producer with 1.7 giga watts (GW) operational capacity -- is in advance negotiations with Abu Dhabi government's flagship public utility holding company Abu Dhabi Water & Electric Authority (ADWEA) and its underlying operating companies to sell the 300 megawatts (MW) Baspa II and the 1000 MW Karcham Wangtoo project on the Sutlej river for around Rs 12000 - Rs 13000 crore. The total project cost for the two is close to Rs 8900 crore, which includes Rs 2600 crore equity, report added.
The technical and financial diligence is in final stages and a formal agreement is expected soon. ADWEA's separately listed international business arm Abu Dhabi National Energy Company PJSC, also known as TAQA, will possibly be the vehicle for this acquisition, the report added.
TAQA is 72.5% owned by the Abu Dhabi government and its various agencies. It operates in 11 countries across 4 continents, including India.
The Baspa Hydro-electric project stage II (300 MW) project is located on the river Baspa, a tributary of river Satluj in Kinnaur District of Himachal Pradesh.
The 1000 MW Karcham-Wangtoo hydroelectric project is a run-of-the-river project consisting of four units of 250 MW each on the river Sutlej, in Kinnaur district of the State of Himachal Pradesh.
Net profit of Jaiprakash Power Ventures declined 49.24% to Rs 92.87 crore on 44.25% rise in net sales to Rs 786.26 crore in Q1 June 2013 over Q1 June 2012.
Jaiprakash Power Ventures currently operates the largest hydroelectric power plant in the private sector in India.
Powered by Capital Market - Live News
