Shares of Jaiprakash Associates and Jubilant Life Sciences rose 15 percent and 3 percent respectively in the early trade on Friday after the Ace investor Rakesh Jhunjhunwala has bought stake in the companies.
According to the Jaiprakash Associates' shareholding pattern for the quarter ended June 2017, Rakesh Jhunjhunwala has bought 1.03 percent stake (2,50,00,000 equity shares) in the company during April-June quarter.
In the last 3-month the Jaiprakash Associates' share price rose nearly 83 percent, while in the last 6-month the share surged by 133 percent.
Group Company Jaypee Infratech, in which Jaiprakash Associates holds 71.64 percent stake, is one of the 12 companies selected by the Reserve Bank of India against which Insolvency and Bankruptcy Code would be applied by banks.
He also picked 1.26 percent stake, equivalent to 20 lakh shares in Jubilant Life Sciences in the April-June quarter.
In the last 1-year Jubilant Life Sciences share price gained more than 136 percent.
At 09:18 hrs Jaiprakash Associates was quoting at Rs 24.60, up 6.72 percent and Jubilant Life Sciences was quoting at Rs 763.65, up or 3.20 percent on the BSE.
Jaiprakash Associates has touched a 52-week high of Rs 26.50.Posted by Rakesh Patil