JAIPRAKASH POWER VENTURES SHARES RISE UP TO 14%

Jaiprakash Power Ventures shares surged as much as 14% during Monday’s trading session after the company reached a settlement with the National Asset Reconstruction Company Ltd over a ₹511 crore claim. The stock touched an intraday high of ₹17.49 per share on the NSE, marking a gain of nearly 14%. However, profit booking at higher levels later pared some of the gains, with the shares trading at ₹16.98, up 10.47%. The sharp rise Jaiprakash Power Ventures and NARCL had agreed to settle the matter for ₹511 crore as full and final payment. According to the company, the settlement is subject to the payment of ₹511 crore, fulfilment of certain other conditions, and execution of definitive agreements. The company also stated that the insolvency proceedings initiated under the Insolvency and Bankruptcy Code will be withdrawn once all the conditions outlined in the settlement terms are fulfilled.