Investors lapped up JP Power stocks lifting the stock 15 percent higher intraday on Tuesday on a media report that the company is in advanced talks with Abu Dhabi Water & Electricity Authority (ADWEA) to sell two of its power projects in Himachal Pradesh.
Jaypee has a gross debt of Rs 64,000 crore in FY13, as per a Credit Suisse estimate and this move may help in reducing debt, which the company is reeling under.
The stock closed at Rs 16.13, up Rs 1.72, or 11.94 percent on the BSE.
According to the report, the country's largest private sector hydro-power producer is in advance negotiations with ADWEA and its underlying operating companies to sell the 300 mega watts (MW) Baspa II and the 1000 MW Karcham Wangtoo project on the Sutlej river.
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