1. Jaiprakash Power Ventures board to consider debt restructuring; shares surge 10%

Jaiprakash Power Ventures board to consider debt restructuring; shares surge 10%

Jaiprakash Power Ventures shares gained nearly 10 per cent in morning deals on Thursday after the company announced that the board of directors will meet on October 6

By: | New Delhi | Updated: October 6, 2016 4:11 PM
BSE Sensex, NSE Nifty, Jaiprakash Power Ventures Jaiprakash Power Ventures shares gained nearly 10 per cent in morning deals on Thursday after the company announced that the board of directors will meet on October 6 (Photo: Reuters)

Jaiprakash Power Ventures shares gained nearly 10 per cent in morning deals on Thursday after the company announced that the board of directors will meet on October 6 to consider the recommendations of Committee of Directors regarding proposals of restructuring including divestment of one or more units and review the progress made in reduction of company’s debt.

At 11.54 am, shares of Jaiprakash Power Ventures were trading 9.42 per cent up at Rs 4.53. The scrip opened the day at Rs 4.30 and has touched a high and low of Rs 4.55 and Rs 4.26, respectively, in trade so far. Benchmark BSE Sensex was trading 71.35 points up at 28,292.33. Later, the scrip closed 10.14 per cent up at Rs 4.56.

For the quarter ended June 30, 2016, the company reported a net loss of Rs 196.16 crore, down 392.95 per cent, against net profit of Rs 66.96 crore in the corresponding quarter a year ago. Net sales of the company slipped by 37.85 per cent year-on-year to Rs 750.41 crore for the quarter under review. It had reported a net sales of Rs 1207.40 crore in the same period last year.

In the past one year, shares of the company have dipped 40 per cent to Rs 4.14 till October 5, whereas benchmark BSE Sensex declined by 5.36 per cent during the same period.

The company is a power company, incorporated on Dec 21, 1994, that is part of India’s leading Infrastructure conglomerate – Jaypee Group.

 

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