JP Associates hits new high

JP Associates hit a new high today at Rs.30.40, zooming up 20%. It remains the top gainer on the BSE right from the moment the bourses opened for trading.

The company posted a ‘surprise’ turnaround for Q1FY18. It reported a net profit of Rs.765 crore v/s loss of Rs.867 crore (YoY). The company has been posting losses for 12 consecutive quarters till Q1FY18. This was thanks only because of the exceptional gain of Rs.606 crore.

Its net sales rose 42% at Rs.2585 crore and interest costs came down 53% at Rs.405 crore.

The company has debt of around Rs20,736 crore.

The board of JP Associates approved a proposal for raising of funds up to Rs 2,000 crore through equity related instruments for meeting capital expenditure, reduction of debt, general corporate purposes and working capital requirements for its businesses.