Jaiprakash Power Shares hit a 52-week high today, surging over 62% in the last ten days; here’s why

Jaiprakash Power Ventures which is in the power generation and distribution business hit a 52-week high today and surged by more than 15% today. In the last trading session yesterday, the stock closed at Rs 12.41 and locked in the 20% upper circuit at 20%.

Today, it opened at Rs 12.66 and currently it is trading at Rs 14.24, marking a 14.75% rise. The stock is hitting back-to-back 52-week highs from the past few days and today also it hit a fresh 52-week high at Rs 14.32 while its 52-week low stands at Rs 5.17. The company currently boasts a market capitalisation of approximately Rs 9,600 crore.

In the last 10 trading sessions, shares of the company have gained by 61.62% from closing on October 23, 2023, at Rs 8.86. Over the past six months shares of the company have given a multibagger return of 135.38%, in the same time frame BSE Utilities has given a return of 23.96% and Sensex has given 6.36%.

The main reason for today’s surge is the pre-results anticipation. The company has announced that they will be holding a board meeting on November 10, 2023, to approve the unaudited financial results for the second quarter and half-year ending on September 30, 2023.

Jaiprakash Power Ventures Limited (JPVL), formerly known as Jaiprakash Hydro Power (JHPL), is a key subsidiary of the Jaypee Group. The company is engaged in the operation and ownership of several hydroelectric and thermal power projects across India. Notable among their hydroelectric ventures are the 300 MW Baspa-II Hydroelectric Project in Kinnaur, Himachal Pradesh, the 400 MW Vishnuprayag Hydroelectric Project in Chamoli, Uttarakhand, and the substantial 1000 MW Karcham-Wangtoo project in Kinnaur, Himachal Pradesh.

The company has also ventured into power transmission projects and has a significant stake in Jaypee Powergrid Limited. Collaborative ventures with entities like Power Grid Corporation of India (PGCIL) demonstrate JPVL’s commitment to enhancing India’s power infrastructure.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.