A subsidiary of Dalmia Bharat has signed a business transfer agreement to acquire cement assets previously held by Jaiprakash Associates with Adani Group
Vedanta shares fell 4.32 per cent to hit a low of Rs 643.50 on BSE. At 9.24 am, Adani Enterprises was quoting 2.28 per cent lower at Rs 1,883.40. Jaiprakash Associates Ltd last traded on March 17.
Resolution plan: Jaiprakash Associates shares fell 4.74 per cent to Rs 2.41 apiece. Adani Enterprises fell 0.09 pr cent to Rs 1,973.80.
Citi upped its target price to Rs 585 from Rs 580 earlier, while Investec reiterated its 'Buy' on Vedanta, saying the stock offers attractive dividend yields, and is a key beneficiary of forex and LME tailwinds.
Vedanta gave a 15-year high Cup and Handle breakout on monthly charts. Such moves push prices out of multi year consolidation to trend higher leading to multifold returns in the next couple of quarters, Nuvama said.
Vedanta has emerged as the highest bidder to acquire Jaiprakash Associates’ assets under NCLT by agreeing to pay Rs 17,000 crore.
JP Power shares: Jaiprakash Power Ventures tumbled 8 per cent during the trading session on Tuesday, falling 7.82 per cent to Rs 25.09.
Jaiprakash Power: The counter traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs).
JP Power: The stock rose 5.13 per cent to hit a high of Rs 23.56. With this, the stock is up 30 per cent in the past one month and 37 per cent in the past six months.
Shares of Jaiprakash Associates hit lower circuit during the trading session on Friday even the Adani Group emerges as the frontrunner to acquire it.
Emkay Global is awaiting clarity on Dalmia’s roadmap toward 75mtpa (including JAL bid) and its impact on balance sheet/return ratios before ascribing a higher valuation multiple.




