JP Associates gets Midas touch

JP Associates is right up as the top gainer on the BSE since morning today. The stock price zoomed up 15% to Rs.22, clocking some 1.5 times surge in volumes. Its 52-week high is at Rs.30.40.

This is the “Jhunjhunwala touch”. Like the Midas touch, everything he touches becomes gold!

The bulk deal data on the NSE of yesterday shows that Jhujhunwala, through his company, RARE Enterprises bought 3 crore shares of JP Associates. This was done at an average price of Rs.18.37.

At end of June’17, Jhujhunwala held 1.03 stake, which he later sold off and at end of 31^st Dec’17, there is no record of him holding any stake.

Through this buy, once again, he has got into the major shareholders of JP Associates.