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JP Associates signs agreement with Shree Cement; tumbles 6%

Jaypee Cement reportedly has loans of Rs. 600 crore and is expected to realize net value of around Rs. 1,600 crore.

January 07, 2016 12:22 IST | India Infoline News Service
Jaiprakash Associates has signed an agreement with Shree Cement to divest its stake in the 2.1-million tonne Bhilai Jaypee Cement for an enterprise (BJCL) value of Rs. 2,100-2,200 crore, according to reports.

Report says that Jaypee Cement has loans of Rs. 600 crore and is expected to realize net value of around Rs. 1,600 crore.

Jaiprakash Associates Ltd is currently trading at Rs. 11.36, down by Rs. 0.73 or 6.04% from its previous closing of Rs. 12.09 on the BSE.
The scrip opened at Rs. 12 and has touched a high and low of Rs. 12 and Rs. 11.24 respectively. So far 15987918(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 2940.84 crore.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 29.45 on 04-Feb-2015 and a 52 week low of Rs. 7.95 on 25-Aug-2015. Last one week high and low of the scrip stood at Rs. 12.55 and Rs. 11.54 respectively.
The promoters holding in the company stood at 39.38 % while Institutions and Non-Institutions held 25.87 % and 34.75 % respectively.
The stock is currently trading above its 200 DMA.

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