Buzzing stock: Jaiprakash Associates hits new 52-week high

Ace investor Rakesh Jhunjhunwala has bought 1.03 percent stake in Jaiprakash Associates. As per the company’s shareholding data for June quarter, 2.5 crore shares were seen to be bought by the investor.

In May 2017, the stock was trading low at Rs 9.34. Recovery was seen in the price post mid-June and currently it is trading above Rs 22 level. Since past 2 months the stock price has shown an upside of 147 percent.

Today, the stock has surged by 17.35 percent from its previous closing price of Rs 23.05. It has touched a 52-week high of Rs 27.20.

On Wednesday, the company informed BSE that its CFO, Shri Rahul Kumar has resigned from the post of CFO and whole-time director. He is expected to continue office till July 31, 2017.

Jaiprakash Associates Ltd. is a diversified infrastructure company whose business activities include engineering, construction and real estate development and manufacture of cement.