Shares of Jaiprakash Associates and Jaiprakash Power Ventures ended with gains on Monday after these firms announced plans to divest their cement business as well as some non-core assets to reduce debt.
Jaiprakash Associates Ltd. jumped 9.72% to settle at Rs 11.74 apiece on the BSE. During the day, it rallied 12.52% to Rs 12.04.
Shares of Jaiprakash Power Ventures Ltd. climbed 3.80% to end at Rs 8.46 apiece. In intra-day trade, it jumped 4.66% to Rs 8.53.
Both companies are part of the Jaypee group, which has been facing business headwinds.
"With a view to give thrust to the ongoing efforts of the company to reduce its debt, the board of directors in their meeting... decided to divest company's significant cement business," JAL said in a regulatory filing.
The board of JPVL has also "decided to divest company's Nigrie Cement Grinding Unit as well as other non-core assets", according to another regulatory filing.
Meanwhile, in the broader market, the 30-share BSE Sensex declined 200.18 points or 0.34% to settle at 57,991.11.
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