Jaiprakash Associates rose 2.10% to Rs 8.77 at 11:14 IST on BSE after the company said it that the joint lenders forum has agreed for invocation of strategic debt restructuring.
Meanwhile, the BSE Sensex was up 220.11 points, or 0.81%, to 27,365.02.
On BSE, so far 23.68 lakh shares were traded in the counter, compared with an average daily volume of 51.85 lakh shares in the past one quarter. The stock hit a high of Rs 8.85 and a low of Rs 8.65 so far during the day. The stock hit a 52-week high of Rs 14.90 on 16 October 2015. The stock hit a record low of Rs 5.30 on 2 June 2016. The stock had outperformed the market over the past 30 days till 1 July 2016, rising 58.49% compared with 1.12% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 0.70% as against Sensex's 7.42% rise.
The small-cap company has an equity capital of Rs 486.49 crore. Face value per share is Rs 2.
Jaiprakash Associates announced on Saturday, 2 June 2016, that the joint lenders forum meeting held to review the progress made so far on the corrective action plan, approved by the lenders in January 2015, has agreed for invocation of strategic debt restructuring (SDR) taking 28 June 2016 as reference date, subject to approval of lenders. Further, the company has informed that a meeting of the board of directors of the company is scheduled on 4 July 2016, to review the progress of the divestment plans and other related matters.
Jaiprakash Associates reported net loss of Rs 1387.30 crore in Q4 March 2016 as against net loss of Rs 858.07 crore in Q4 March 2015. Net sales declined 25.69% to Rs 1893.94 crore in Q4 March 2016 over Q4 March 2015.
Jaiprakash Associates is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses.
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