Shares of Jaiprakash Power Ventures Ltd (JPP) rose by 5% in Wednesday’s early trade following company’s clarification regarding recent price movements. In a statement to the stock exchanges, the company confirmed that there is no unpublished price-sensitive information or any pending announcement that would impact the stock’s price or trading volume.
“At present, there is no unpublished price sensitive information or any pending announcement or development that, in our opinion, may have a bearing on the price / volume behavior of the scrip” , as per the exchange filing on July 8.
The company added that the recent stock movement appears to be driven purely by market forces. firm reaffirmed its commitment to timely disclosures, in line with Regulation 30 and Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
“Should any such event or information arise, we will promptly disclose the same to the stock exchanges in accordance with the applicable regulatory requirements. We believe that the movement of price of Company’s scrip is purely based on market driven forces”, added further on exchange filing.
JP Power Share Price
As of 11.29 AM, the stock was trading at Rs. 22.57 apiece on BSE. It opened at Rs 22.42, hit a high of Rs 23.56, and fell to a low of Rs 22.25 during the session.
Adani Bidding For JP Associates
Shares of Jaiprakash Power Ventures (JP Power) have risen over 28% so far in July, fueled by media reports indicating that the Adani Group, led by billionaire Gautam Adani, has become the frontrunner in the bidding process to acquire Jaiprakash Associates (JP Associates).
The potential acquisition by the financially robust and well-managed Adani Group is seen as a positive development not only for JP Associates but also for JP Power, which holds a 24% stake in JP Associates. According to a report from Business Standard last Friday, Adani Group has placed a bid of Rs.12,500 crore for JP Associates. Other notable bidders include Vedanta, JSPL, Suraksha Group, Dalmia Bharat, and PNC Infratech.
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