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Rakesh Jhunjhunwala buys 2 crore shares of Jaiprakash Associates in June quarter
In the April-June quarter of the current fiscal, the ace investor bought 2 lakh shares additional of the company taking his total shareholding to 5 lakh.
Rakesh Jhunjhunwala buys 2 crore additional shares of Jaiprakash Associates in June quarter

Rakesh Jhunjhunwala buys 2 crore additional shares of Jaiprakash Associates in June quarter

Ace investor Rakesh Jhunjhunwala has raised his stake by 0.83 percent in debt- laden Jaiprakash Associates during the April-June quarter. For the quarter ended June, Jhunjhunwala had 2.06% equity stake in Jaiprakash Associates compared with 1.23% in March quarter. Earlier, Jhunjhunwala held 3 lakh shares of Jaiprakash Associates at the end of the previous fiscal.

In the April-June quarter of the current fiscal, the ace investor bought 2 lakh shares additional of the company taking his total shareholding to 5 lakh.

Jhunjhunwala's current portfolio includes key stocks such as Titan, Lupin and CRISIL among others.

Jhunjhunwala holds 804.66 Lakh shares of Titan worth Rs 6,456 crore. The ace investor holds 78.83 Lakh shares of Lupin worth Rs 645 cr. He holds holding 40 Lakh shares of CRISIL worth Rs 762 crore.

Shares of Jaiprakash Associates ended nearly 2 per cent higher at Rs 15 apiece on BSE on Wednesday.

At 10:52 am, the Jaiprakash Associates stock was up over 1% higher at 15.15 level in trade today.

The stock has been rising for the last three days and gained 6.74% during the period.

The stock is down 42% since the beginning of this year. The stock has lost 35% during the last one year.

Jaiprakash Associates Ltd (JAL) reported a standalone net loss of Rs 78.70 crore for the fourth quarter of 2017-18 against a loss of Rs 1,882.40 crore in the same quarter of previous fiscal. The company in a regulatory filing noted that financial results for the last quarter and for full 2017-18 fiscal were not comparable with the year-ago period as it sold major part of its cement business to Birla group firm UltraTech Cement.

JAL posted a standalone net income of Rs1,674.2 crore for the January-March quarter of 2017-18 as against Rs 1,834.11 crore in the year-ago period, according to the filing.

Last year, JAL had sold its six integrated cement plants and five grinding units for a consideration of Rs 16,189 crore to the Kumar Mangalam Birla-led Ultratech.

Jaiprakash Associates, the flagship firm of the Jaypee Group, is into cement, construction, hospitality, power and real estate businesses. The company has divested its assets, including cement plants, to reduce debt. Jaypee group is facing huge protest from home buyers due to significant delays in delivery of real estate projects.

To provide refunds to hassled home buyers, the Supreme Court on May 16 directed Jaiprakash Associates to deposit an additional Rs 1,000 crore with its registry by 15 June. The company has already deposited Rs 750 crore with the registry.

Last year, NCLT had admitted the application by an IDBI Bank-led consortium, seeking resolution for Jaypee Infratech, a subsidiary of JAL, under the Insolvency and Bankruptcy Code.

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