Jaiprakash Power Ventures (JP Power) shares rallied nearly 18 percent on July 7 after the company's AGM lifted investor spirit. The stock was further boosted after reports claimed that Adani Group is leading the race to acquire Jaiprakash Associates.
Jaiprakash Associates shares meanwhile jumped 5 percent to hit the upper circuit.
Real estate and infrastructure firm Jaiprakash Associates (JAL) was admitted to Corporate Insolvency Resolution Process (CIRP) in 2024, after defaulting on payment of loans worth over Rs 57,000 crore. Billionaire Gautam Adani-led Adani Group, Anil Agarwal's Vedanta, Dalmia Bharat and several others had submitted their resolution plans to acquire JAL through the insolvency process.
Recent reports have claimed that Adani Group has now emerged as the leader in the race to acquire the company. The conglomerate's Rs 14,000-crore bid for the company has topped the list of five potential bidders, NDTV Profit reported, citing people familiar with the matter.
Moneycontrol couldn't independently verify the reports.
Jaypee Group's real estate holdings include high-profile projects such as the 452-acre Jaypee Greens township in Greater Noida, featuring luxury villas, apartments, and a golf course. Other assets include Jaypee Greens Wish Town Noida, a sprawling 1,063-acre township, and the Jaypee Greens Sports City, which boasts a motor racing track along the Yamuna Expressway.
The resolution process for Jaypee Group involves a committee of creditors, including major financial institutions such as the State Bank of India (SBI), ICICI Bank and Life Insurance Corporation of India (LIC).
JAL owns 24 percent stake in Jaiprakash Power Ventures. The company's shareholders approved key proposals during its annual general meeting (AGM) on July 5. Chairman Manoj Gaur addressed shareholders during the virtual meeting.
Jaiprakash Power Ventures shares were trading at Rs 22.32 apiece in the afternoon. Nearly 66.90 crore shares of the company were involved in active trade so far during the day, which is nearly 7 times higher than the stock’s 10-day average volume.
The stock has given stellar returns recently, rising over 1,000 percent in the past five years. The stock is currently up nearly 24 percent in 2025 so far.
Jaiprakash Associates shares jumped 5 percent to hit the upper circuit at Rs 3.19 apiece on July 7. This stock too saw trading volumes significantly higher than its 10-day average volume. The shares of the company have however fallen over 45 percent in 2025 so far.
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