JP Associates recovers from Tuesday's losses; up 12%

NEW DELHI: Shares of JP Associates recovered from Tuesday's losses and surged over 12 per cent on Wednesday after media reports suggested that the company plans to pay off its debt.

The stock rallied 12.47 per cent to Rs 23.90 on BSE. It opened at Rs 21.80 and touched an intraday high and low of Rs 24.10 and Rs 21.80 respectively.

The scrip surged after the company told the media houses that it plans to pay off its residual debt, a day after it's name was reportedly included in RBI's second list of defaulters to be taken to the National Company Law Tribunal ( NCLT) to initiate insolvency proceedings.

The stock lost 9.57 per cent to close at Rs 21.25 in Tuesday's trade, breaking a three day gaining streak.

Promoters held 39.28 per cent stake in the company as of June 2017. For the quarter ended June 30, 2017, the company reported total revenue at 2,585.44 crore and net profit stood at 764.99 crore.

The scrip touched its fresh 52-week high of Rs 30.40 on August 28, 2017 and its 52-week low of Rs 6.71 on November 25, 2016.