JP Associates share price rallies 5%, extends rise to 2nd day. What's driving this penny stock higher?
While Business Standard last week reported that Adani group emerged as the front-runner to acquire JP Associates, an Economic Times report earlier today stated that the Gautam Adani-led conglomerate is the only bidder without conditions in the race to acquire JP Associates, submitting a ₹ 12,600 crore offer under the ongoing insolvency process.
The other four bidders, namely Dalmia Bharat, Vedanta, Jindal Power and PNC Infratech, have tied their bids to the resolution of a critical land dispute involving the Gautam Buddh Nagar Sports City project, currently pending before the Supreme Court.
Analysts believe that acquisition by a well-managed and financially strong Adani group bodes well for the company and its subsidiaries.
G. Chokkalingam, Founder & Head of Research, Equinomics Research, told Mint that it makes sense for the Adani Group to acquire JP Associates, as it would be complementary to the Adani Group because JP Associates has the cement and power businesses.
In April, as many as 25 companies showed interest to acquire JP Associates.
JP Associates, which has business interests spanning real estate, cement manufacturing, hospitality, and engineering & construction, was admitted into the Corporate Insolvency Resolution Process (CIRP) through the National Company Law Tribunal, Allahabad Bench, order dated June 3, 2024.
The company was taken to insolvency proceedings after the conglomerate defaulted on the payment of loans. Creditors are claiming a staggering ₹ 57,185 crore.
JP Associates share price opened at ₹ 3.15, higher than their last closing price of ₹ 3.07 and soon rose to the day's high of ₹ 3.22, up 4.89%. The trading volumes on the stock were 79.01 lakh shares, higher than the two-week average of 44.54 shares.
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