Ambareesh Baliga of Edelweiss Financial Services told CNBC-TV18, "As far as the deal is concerned it was extremely positive for UltraTech Cement because as against their own enterprise value of USD 143 this was done at USD 124 so that way it was extremely positive for UltraTech."
"On standalone is it positive for Jaiprakash Associates, not really. But then it actually paves the way for further asset sales because I think they need to achieve Rs 15000 crore in FY14, so from that point of view to a certain extent positive for JP. And the way it has been beaten down in the last six months, I think there is some more upside. So from here it is possible that you could see JP Associates at levels of closer to about Rs 50-55," he added.
At 09:48 hrs Jaiprakash Associates was quoting at Rs 41.95, down Rs 1.45, or 3.34 percent.
The share touched its 52-week high Rs 106.75 and 52-week low Rs 28.40 on 12 December, 2012 and 19 August, 2013, respectively.
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