Rakesh Jhunjhunwala buys 1% stake in Jaiprakash Associates

Rakesh Jhunjhunwala buys 1% stake in Jaiprakash Associates
22/07/2017 , by , in News/Views

Ace investor Rakesh Jhunjhunwala has bought 1.03 per cent stake (2.50 crore equity shares) in Jaiprakash Associates and 1.26 per cent stake (20 lakh shares) in Jubilant Life during April-June quarter of FY18. Shares of Jaiprakash associates and Jubilant Life rose 15 per cent and 3 per cent respectively in the early trade on Friday.

In the last 3-month the Jaiprakash Associates’ share price rose nearly 83 percent, while in the last 6-month the share surged by 133 per cent. In the last 1-year Jubilant Life Sciences share price gained more than 136 percent. Jaiprakash Associates has touched a 52-week high of Rs 26.50.

UltraTech Cement has completed the acquisition of Jaiprakash Associates’ six integrated cement plants and five grinding units with a capacity of 21.2 million tonnes in June for Rs. 16,189 crore.

Jubilant Life Sciences on July 18 reported a 12.32 per cent fall in its consolidated net profit to Rs 143.71 crore for the quarter ended on June 30, 2017. It had registered a net profit of Rs 163.92 crore for the corresponding period of the previous financial year.

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