JP Associates remains in the red

Jaiprakash Associates remains in the red, the stock hit a new 52-week low at Rs.57.10 and though it has recovered from this level, it remains in the red.

The stock is down on news that Jaypee Cement, a part of JP Associates has shelved plans to sell its Gujarat unit as it did not get the right valuation. The company was planning to sell its cement unit to reduce debt. UltraTech Cement was in talks to buy the company’s 4.8 mt cement plant in Gujarat and valuations of the deal were estimated at around Rs 4,000 crore.