JP Associates soars 2% on talks of Gujarat plants sale

Jaiprakash Associates rose two percent on Tuesday on media reports that Ultratech Cement is in final talks to buy Jaypee's two Gujarat plants for enterprise value of Rs 4,100 crore.

"The deal is expected to be sealed before May. The valuation and other critical aspects, such as the indemnity amount, are more or less finalised. We are waiting for one more approval," The Economic Times quoting two persons with direct knowledge of the development said.

The report added that the sale of the cement units is aimed at reducing Jaypee's debt by Rs 8,000 crore.

At 11:21 hours IST, Jaiprakash Associates was up 2.01 percent at Rs 78.55 on National Stock Exchange.

In the previous trading session, the share closed up 1.18 percent or Rs 0.90 at Rs 77.00.

Meanwhile, UltraTech Cement was down 0.57 percent to Rs 1,868.

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