Jaypee Group firms to meet today over divestment plans

Jaiprakash Associates Ltd (JAL) and Jaiprakash Power Ventures Ltd (JPVL), the two firms under the aegis of Noida-based conglomerate Jaypee Group, announced their board of directors will be meeting tomorrow, on October 10, to be apprised about the company's divestment plans.

"This is to inform that a meeting of the Board of Directors of the company has been convened on 10th October, 2022, inter-alia, to apprise the Board of the recommendations of the Audit Committee and the progress on the various divestment initiatives of the company," JAL said in a regulatory filing.

JPVL, in its exchange filing, noted that its board meeting has been called "regarding proposals of divestment of Nigrie Cement Grinding Unit" and to "review the progress made in the reduction of company's debt".

Both the companies further noted that their trading window already stands closed from October 1 till 48 hours after the announcement of the financial results for the quarter ended September 30, 2022, in accordance with the norms set by the Securities and Exchange Board of India (SEBI).

"During the aforesaid closed trading window period, the employees, directors, key managerial personnel and designated persons and their immediate relatives shall not trade in Company's shares/ securities," they said.

JAL had, notably, reported a net loss of Rs 362.91 crore in the quarter ending June 2022. The company's total income from operations, however, had climbed to Rs 1,001.43 crore as against Rs 979.71 crore in the year-ago period.

JPVL had reported a net profit of Rs 241.93 crore in Q1 FY23. Its total income from operations almost doubled to Rs 1,820.37 crore from Rs 914.99 crore, as recorded in the corresponding period of the past fiscal.