Jai Ho, Jai Corp! Scrip Rises 4.6%

An­a­lysts say there may not be changes in the near-term out­look of the com­pany

The Economic Times - - Finance & Commodities -

Mum­bai: For years, global ed­u­ca­tion and train­ing com­pany Aptech, owned by in­vestor RakeshJhun­jhun­wala,hashad the tag of be­ing a non-per­former. How­ever, over the past one year, the stock has re­versed its lag­gard sta­tus, ral­ly­ing 350% and out­per­form­ing the BSE Smal­lCap in­dex’s rally of nearly 39%. Re­cently, an­other well­known in­vestor, Ashish Ka­cho­li­a­has­tak­en­fancy to the stock, pick­ing up a 2% stake at an av­er­age price of ₹ 224.6 a share. On Tuesday, the stock closed at ₹ 240.30. A new man­age­ment, shift in busi­ness strat­egy and im­proved earn­ings over t he last two quar­ters af­ter Mum­bai: JaiCorp­shares,which had not seen much move­ment over the past sev­eral months, saw a sharp 9% in­tra­day rise on Tuesday af­ter Ma­ha­rash­tra’s City and In­dus­trial De­vel­op­ment Cor­po­ra­tion (Cidco) awarded the ₹ 16,000-crore Navi Mum­bai air­port­pro­ject­de­vel­op­ment­toGVK. Jai Corp shares ended at ₹ 73.85, up 4.6% on the BSE. The com­pany, pro­moted by Anand Jain, has in­vest­ments in real es­tate, Re­was Port, Navi Mum­bai SEZ (NMSEZ) and Mum­bai SEZ (MSEZ), which are lo­cated near the Navi Mum­bai Air­port. Shares of Jai Corp, whichde­clined­nearly3%in2016, was trad­ing in the ₹ 60-70 range dur­ing the pe­riod. The two multi-prod­uct spe­cial eco­nomic zones ––NMSEZ and MSEZ –– are be­ing de­vel­oped as a fu­tur­is­tic busi­ness hub andgate­way for trade, com­merce, in­dus

try, ser­vice and tourism. In­vest­ments in these SEZs would get good val­u­a­tions once the Navi Mum­bai Air­port pro­ject is­com­pleted,ac­cord­ingto an­a­lysts. How­ever, there are no changes in the neart­erm out­look of the com­pany, they said. Mor­gan Stan­ley Mau­ri­tius Com­pany had bought 75.56 lakh shares of Jai Corp at ₹ 67.25 per share on 29 De­cem­ber 2016. Co’s net sales de­cline in 2016 Net sales dur­ing year-ended March 2016 For the year ended March 2016, the com­pany re­ported net sales de­cline of 5% at ₹ 671 crore while its net profit in­creased 22% to ₹ 64 crore. Jai Corp re­ported a net loss of ₹ 0.63 crore in the Septem­ber quar­terof 2016,low­erthanthenet loss of ₹ 10.19 crore in the Septem­ber quar­ter of 2015. Pro­mot­ers cur­rently hold 73% stake in the com­pany while Deutsche Bank and LIC hold 4.23% and 1.5% stakes re­spec­tively. —Our Bureau

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