Jaiprakash Associates hits 52-wk high after company turns profitable in Q1

STOCK MARKET - Jaiprakash Associates gained as much as 20% to Rs 30.40, its 52-week high after the company on Saturday reported a standalone net profit of Rs 764.99 crore in the quarter ended June, on higher income and lower expenses incurred during the period.

The company had reported a loss of Rs 602.95 crore in the corresponding quarter of the previous year.

Its total income for the April-June period stood at Rs 2,602.9 crore, against Rs 1,836.61 crore in the year-ago period.

The company's total expenses reduced to Rs 2,444.13 crore in the quarter under review, as compared to Rs 2,703.26 crore in the corresponding period a year ago, according to a regulatory filing.

The company also 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.

At 9:35 am; the stock was up 13.8% at Rs 28.85, as compared to 0.2% rise in the S&P BSE Sensex. The scrip opened at Rs 26.70 and had hit a high and low of Rs 30.40 and Rs 26.70 till now.

So far in the calendar year 2017, the stock zoomed 254% against 21% rise in the benchmark index.

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