Jaiprakash Associates has been in the spotlight for the last two days due to a significant surge in its share prices. The spike is believed to be linked to news related to the Adani Group.
Potential Acquisition Fuels Market Excitement
According to reports, the Adani Group might be interested in purchasing Jaiprakash Associates’ cement plant located in Karnataka. The plant has a capacity of 1.2 million tons. Notably, Jaiprakash Associates’ shares are currently trading at less than 20 rupees.
Impressive 8% Increase Today
Today, on Thursday, shares of Jaiprakash Associates reached a level of 13.29 rupees on the BSE, with an intra-day high of 14.20 rupees. This translates to an impressive surge of more than 8% in the company’s shares today. Prior to this, the shares had witnessed a surge of more than 15%. It’s important to mention that there has been no official statement on the reports of the Adani Group’s potential plant acquisition.
Banks Seek Resolution
The news of Jaiprakash Associates selling its assets first emerged when ICICI Bank and State Bank of India filed petitions with the NCLT’s Allahabad bench regarding debt resolution. ICICI Bank’s petition was filed in September 2018, and State Bank of India’s was filed in September of the previous year.
Adani Group’s Ambitious Expansion Plans
On the other hand, the Adani Group is consistently striving to increase its cement production. The current capacity of the group’s companies stands at 70 million tons, with plans to double this to 140 MTPA within the next five years.
Important Information Table:
- Potential Plant for Acquisition: Located in Karnataka, 1.2 million-ton capacity
- Jaiprakash Associates Share Price: Less than 20 rupees, with an 8% increase reaching 13.29 rupees today
- Adani Group’s Existing Cement Capacity: 70 million tons
- Adani Group’s Target Capacity: 140 million tons per annum (MTPA) in the next five years
- What is causing the surge in Jaiprakash Associates’ shares?
- The surge is believed to be due to potential acquisition interest from the Adani Group.
- What asset is the Adani Group reportedly interested in?
- The Adani Group may acquire Jaiprakash Associates’ cement plant in Karnataka.
- What is the current share price of Jaiprakash Associates?
- The shares are trading at less than 20 rupees, with an 8% surge reported recently.
- Has there been an official statement about the acquisition from either party?
- No, there hasn’t been any official confirmation regarding the acquisition reports.
- What is the Adani Group’s current capacity and target in cement production?
- They currently have a capacity of 70 million tons and aim to increase this to 140 MTPA in the next five years.