Jaiprakash Assc back in news

Jaiprakash Associates is back amongst the gainers once again. The stock is currently the second highest gainer on the BSE Sensex, up 3.5% at Rs.28.35, its current intra day high level.

Nowadays any news about JP is to invariably do about sale of its plants and this time around too, it’s the same – apparently UltraTech Cement has evinced interest in the company’s three cement plants in Madhya Pradesh. Though none of the companies have confirmed this, rumours have it that discussions are underway and the deal is estimated to be worth around Rs.6000 crore. If one may recollect, it was UltraTech which acquired Jaypee’s Gujarat cement units. Confirmation of this deal would mean Jaypee can cur down some of its gargantuan debt and that will cheer up the stock further.