Heidelberg Cem & JP Associates up 4-5% on acquisition buzz

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Shares of Heidelberg Cement and Jaiprakash Associates were up 4-5 percent intraday Monday on an acquisition buzz. According to reports, Heidelberg is in talks to buy JP Cements Sikandarabad unit in Uttar Pradesh for Rs 500 crore.

This potential deal will help JP Group reduce its debt while it will help Heidelberg in expanding its presence in India.

Jaiprakash Associates reported net loss of Rs 806.59 crore in the quarter ended March 2015 compared to net profit of Rs 100.42 crore in corresponding quarter last fiscal. Sales declined 25.66 percent to Rs 2529.64 crore in the period as against Rs 3402.61 crore year-on-year.

At 11:20 hrs Heidelberg Cement India was at Rs 64.70, up rs 1.90, or 3.03 percent while Jaiprakash Associates was at Rs 12.75, up Rs 0.35, or 2.82 percent on the BSE.