JP Associates shares soared 53% in 5 days; Q2 results on November 9

Shares of Jaiprakash Associates Ltd (JP Associates) climbed 10 per cent in Thursday's trade to take its winning run to fifth trading session. In the process, the scrip has soared 53 per cent in the five-day period. 

There is no stock exchange filing to suggest any favourable development on the counter that may be behind the recent sharp price movement but a CNBC TV 18 report on October 28 suggested JP Associates and ICICI Bank jointly requested the NCLT to postpone the IBC hearings on the debt issue until the end of November.

As per the report, the two parties indicated that they were engaged in negotiations for a loan restructuring proposal, the details of which were being formalised. It would soon be presented to the lenders, the report suggested.

The report further quoted sources and suggested that JP Associates' lenders were discussing with the National Asset Reconstruction Company (NARCL) regarding the resolution of the debt. This, the report suggested, involved selling the loan account to NARCL and, in return, receiving certain security receipts and a promise of eventual recovery.

Earlier, the stock was in news amid reports that the Adani Group was in talks with the company for acquiring a cement plant, to which JP Associates later called the news factually incorrect.

"We are not aware of any reportable material information/ event/announcement,

other than those already in public domain, which, in our opinion, may have a bearing on the price/volume behaviour in the scrip of our company," it said on October 19.

On October 31, Jaiprakash Associates told stock exchanges that its board of directors will meet on November 11 to consider and approve un-audited standalone and consolidated financial results of the company for the quarter and half year ended 30th September, 2023.

 

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