Jai Corp briefly breached the 10% UC in the opening bell session at Rs.223.30, a new 52-week high. It continues to remain firmly in the green, figuring amongst the top five gainers on the BSE.

Mukesh Ambani seems to be the knight in shining armour for his kith and kin and close ones. First Anil Ambani and now it is Anand Jain of Jai Corp, who is very close to Mukesh and was considered to almost like a third son by Dhirubhai. Jain was Mukesh Ambania’s classmate at the Hill Grange High School in Mumbai and both have been friends since then.

So today’s news comes as no surprise – through his personal investment firms, Mukesh Ambani is in talks to buy 24% stake in Jai Corp’s Navi Mumbai Special Economic Zone (NMSEZ). Once the deal happens, Ambani will be the largest shareholder of the NMSEZ with a 48.1% stake.

This makes business sense too for Ambani as it was only last week that the Maharashtra Govt gave its nod to the NMSEZ project to be converted into an industrial city.

Jai Corp had ended H1FY18 with a 29% (YoY) drop in revenue from operations at Rs.289 crore and thanks to write back of tax and lower expenses, ended the first half with a net profit of Rs.9 crore, up 80%. It had a loss of Rs.13 crore in FY17. It has three units – spinning, plastic processing and steel.