Jaiprakash Associates (JP Associates) shares plunged 7.34 per cent to trade at Rs 20.93 in Monday's trade. The stock was last seen trading 3.85 per cent lower at Rs 21.72. At this price, the scrip has slipped 20.06 per cent from its one-year high price of Rs 27.17, a level seen earlier this year on February 12.
"The total borrowing (including interest) of the company is Rs.29,652 Crore, repayable by 2037, against which only Rs 4,561 crore is overdue as on 31.03.2024. Out of the said borrowing of Rs 29,652 crore, Rs 18,869 crore will get further reduced on transfer to the proposed Special Purpose Vehicle (SPV) for which the Scheme of Arrangement duly approved by all the stakeholders, is pending sanction of NCLT," the crisis-hit Jaypee Group's flagship firm stated in a recent exchange filing.
"The entire loan is in any case under restructuring. As a responsible borrower, the company has been taking tangible steps to reduce the borrowings. Post the proposed divestment of cement Business and the restructuring under consideration, the borrowing will get almost to 'Nil' upon implementation of revised restructuring plan," it added.
On technical setup, immediate support on the counter could be seen at Rs 21.
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said, "The stock looked weak on daily charts. It may slip towards Rs 18 level in the near term. Resistance will be at Rs 23."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 21 and resistance at Rs 22.75. A decisive close above Rs 22.75 level may trigger an further upside till Rs 24.40. The expected trading range will be between Rs 20 and Rs 24.40 for a month."
The counter traded higher than the 5-day, 10-, 20-, 30, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The stock's 14-day relative strength index (RSI) came at 60.88. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a negative price-to-equity (P/E) ratio of 6.09. Earnings per share (EPS) stood at (-)1.79.
As of December 2023, promoters held 29.97 per cent stake in the company.