Shares of Jaiprakash Power Ventures remained in focus on Friday after reports suggested that the Adani Group is considering raising its stake in the company, according to ET NOW.
The development triggered strong buying interest in the stock during afternoon trade.
As of 2:22 PM IST, JP Power shares were trading near the day’s high after witnessing heavy volumes on the exchanges.
JP Power share price performance
JP Power stock performance as of 2:22 PM:
- Day’s low: ₹17.43
- Day’s high: ₹19.70
- Previous close: ₹17.86
- Opening price: ₹17.84
- 52-week low: ₹13.15
- 52-week high: ₹27.70
- Live volume: 11,00,56,557 shares
The stock gained over 10% intraday following the market buzz around a possible stake increase by the Adani Group.
What is driving the rally in JP Power shares?
Investor sentiment strengthened after ET NOW reported that the Adani Group is evaluating the possibility of increasing its stake in JP Power.
According to sources cited by the channel, Adani Enterprises is seeking to raise the promoter equity stake in Jaiprakash Power Ventures from the current 24% to a majority 51%. The existing 24% stake is presently owned by Jaiprakash Associates and was acquired by the Adani Group through an insolvency resolution process, as per the report.
However, there has been no official confirmation from the companies regarding the reported development so far.
The sharp rise in trading volumes also indicates heightened investor activity in the counter during the session.