JP Associates up 7%, may finalise deal with UltraTech today

JP Associates was in talks with UltraTech for a long time now. The effort to actually sell cement plant has been on for over a year-and-a-half. Consolidated debt for JP Associates actually stands at over Rs 63,000 crore. The deal will help the company bring down some of its debt.

September 11, 2013 / 15:20 IST

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Shares of JP Associates jumped nearly 7 percent intraday on Wednesday on news that the company will sell its 4.8 MTPA Gujarat cement plant to UltraTech.

JP Associates was in talks with UltraTech for a long time and a formal announcement of the deal is expected at 6 pm today, reports CNBC-TV18 quoting sources.

Consolidated debt for JP Associates stands at over Rs 63,000 crore and this will help the company bring down some of its debt.

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At 13:17 hrs, the stock was quoting at Rs 42.65, up Rs 1.80, or 4.41 percent on the BSE. UltraTech Cement was quoting at Rs 1,724.90, up Rs 19.90, or 1.17 percent.

first published: Sep 11, 2013 01:33 pm

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