today, the stock of JP Associates spike 4.7%
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Jaiprakash Associates, I Feb 2012, announced that its shareowners and creditors have given nod to the hiving off of the cement biz to a wholly-owned arm, Jaypee Cement Corporation Ltd (JCCL).
"We are pleased to inform that the equity shareholders and creditors of the company, in their respective meetings held on February 25, have duly approved the scheme of arrangement," the company said.
Jaiprakash Associates stated whilst 99.99% of the stockholders who cast their votes favored the plan of arrangement, 99.87% of the creditors, who voted, sanctioned the plan.
Technical analyst Sudarshan Sukhani of s2analytics.com said that Jaiprakash Associates can achieve the target of Rs 87-90.
Mr. Sukhani stated, "Jaiprakash Associates had gone through a handsome rally. Yesterday it was a down-day but that is probably a buy on dips stock now. While I don't personally much appreciate that chart or rather the stock, the trade is to go and buy it. So for anyone looking to trade in JP Associates, try to identify a point at which there is a small dip or a consolidation and go long in it. You can have an ambitious target for the short-term, Rs 87 or even Rs 90, which would take it to new highs for this bull market."
Jaiprakash Associates shares remained up by 1.2% at Rs 76.30 on BSE.
The stock looks good for medium or long term investment.
The investors can buy the stock on declines.
Jaiprakash Associates stock can hit Rs 85-86, says Mitesh Thacker
Sudarshan Sukhani of s2analytics.com is of the view that one can buy Jaiprakash Associates.