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JP Associates rises on unit IPO price band

April 23, 2010

MARKETS-SOUTHASIA-STOCKS/

Shares in JP Associates ended 6.2 percent higher at 159 rupees with volumes of 2.7 million.

The stock was the top performer of the day and also among the top traded counters.

Jaypee Infratech has set a price band of 102-117 rupees per share for its initial public offer, aimed at raising up to 23.5 billion rupees ($530 million).

The offer comprises fresh issue of shares to raise 16.5 million rupees, as well as sale of 60 million shares by parent construction firm Jaiprakash Associates.

Do you think fresh infusion of equity will help the company grab more opportunities and help the counter touch new highs?

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