Jaiprakash Power Ventures slumps to hit all-time low on earnings woes

NEW DELHI: Shares of Jaiprakash Power Ventures ended with losses of 2.09 per cent to hit an all-time low on BSE after the recent set of quarterly results by the company disappointed investors.

Sliding for the fourth consecutive day, the stock fell 4.18 per cent to hit a low of Rs 3.66 on the exchange. The stock has risen in only five out of last 25 trading sessions.

The company last week reported a standalone net loss of Rs 352.85 crore for the March quarter, mainly on account of non-availability of fuel, plant shut down and pending tariff determination.

The company said it had posted a net loss of Rs 141.54 crore in the corresponding quarter of last year.

Total standalone income of the company stood at Rs 574.65 crore for the quarter against Rs 987.51 crore in the same quarter of last year.

The results during the quarter were impacted by the pending final tariff determination of 1,320 MW Jaypee Nigrie Super Thermal Power project and non-availability of coal at the plant, the company said.

The company also said the 1,320 MW Jaypee Nigrie Super Thermal Power projects operations were restricted as long-term power purchase agreement is yet to be tied up.