Jay Bharat Maruti up 57% in April on stake sale buzz

Shares of Jay Bharat Maruti, an auto-parts and equipment manufacturer, have gained 57% so far in April amid speculation the company may sell a majority stake to a leading Indian automaker.

Jay Bharat officials denied the talk of the stake sale. “This is false news... we’ve no plans to sell stake in the company. The auto manufacturer in question is a big client of ours; we’re expecting more order-flows from them. We’ve not even given a thought with regards to stake-sale,” said S Kartik, company secretary, Jay Bharat Maruti. Shares of Jay Bharat ended 1.3% higher at Rs 70.80 on the BSE on Monday.