Jaiprakash Associates surges on getting CCI’s nod to sell cement grinding unit to Shree Cements

Jaiprakash Associates is currently trading at Rs. 34.70, up by 0.25 points or 0.73% from its previous closing of Rs. 34.45 on the BSE. The scrip opened at Rs. 34.80 and has touched a high and low of Rs. 35.10 and Rs. 34.25 respectively. So far 933079 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 89.85 on 11-Jun-2014 and a 52 week low of Rs. 24.05 on 25-Sep-2014. Last one week high and low of the scrip stood at Rs. 35.10 and Rs. 31.25 respectively. The current market cap of the company is Rs. 8428.46 crore. The promoters holding in the company stood at 39.56% while Institutions and Non-Institutions held 36.25% and 24.19% respectively. Jaiprakash Associates has received Competition Commission of India’s (CCI) approval for its proposed sale of Haryana’s cement grinding unit to Shree Cements. The proposed deal involves transfer of a 1.5 million tonnes per annum (MTPA) capacity cement grinding unit at Panipat in Haryana on a going concern basis by way of a slump sale. CCI said that the proposed combination is not likely to have an appreciable adverse effect on competition in India in any of the relevant market. The company reported a net loss of Rs 106.48 crore for the quarter as compared to a net profit of Rs 67.67 crore for the same quarter in the previous year. Total income of the company decreased by 17.06% at Rs 2736.91 crore for quarter under review as compared to Rs 3300.21 crore for the quarter ended September 30, 2013.