JP Power shares jumped over 3% following a favorable interim order from the Andhra Pradesh High Court. The court stayed a ₹1,334 crore penalty imposed by the Department of Mines & Geology (DMG) for alleged illegal sand mining activities.
The DMG claimed non-compliance during the lease period and after transferring mining operations to other contractors in 2023. However, the court ruled that the DMG’s actions exceeded its jurisdiction, affirming that the penalties lacked legal backing.
JP Power clarified that its mining activities were completed and handed over by May 2023, with subcontractors responsible for operational compliance. The company reassured investors that the penalty would not affect its financial health or ongoing projects.
JP Power shares opened at ₹19.05, reaching a high of ₹19.75 and a low of ₹19.05 today. Over the past 52 weeks, the stock has traded between ₹12.25 and ₹24.00.
As of 9:54 am, JP Power shares were trading 3.56% higher at Rs 19.51 on the NSE.
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