Buy JP Associates

Submitted by Ketan Sharma on Mon, 02/18/2008 - 04:03

Day traders are suggested to purchase JP Associates stock with a strict stop loss of Rs 279. The target for the day is Rs 296. The stock has down support of Rs 271.

The stock pricing becomes more attractive, and reach above Rs 305, if the stock markets remain positive.

On Friday (15 Feb), the share closed at Rs 286.40, up 4.7%, on BSE. The stock of the company has touched 52-week high of Rs 510 and low of Rs 93 on BSE.

According to the sources, Jaiprakash Associates will shift 45% stake in the Taj Expressway project to another company.

In explanation the company stated that JP Infratech continues to be a 100 per cent subsidiary of the group. There was a need to boost the authorized capital of JP Infratech from Rs 200 crore to Rs 1,000 crore and Jaiprakash Associates subscribed the additional 35 crore shares at Rs 10 each, which represented 55 per cent of the capital.

The company also clarified that it would go ahead with the initial public offering of its power subsidiary JP Power.

The stocks of other companies from the same sector, which are looking good for short and medium-term trading, include Unitech, Patel Engg and Hind Constr.


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