Adani Enterprises denies plans of shopping for Jaypee Group’s cement biz

Adani Enterprises on Friday clarified that it was not evaluating plans to amass Jaiprakash Associates’ cement enterprise. Earlier this week, a media report quoting sources urged that the Adani group was in superior talks to purchase Jaypee Group’s cement property. 

Following the event, shares of Jaiprakash Associates plunged 7.29 per cent to settle at Rs 10.56 on BSE. Adani Enterprises, alternatively, declined 0.79 per cent to shut at Rs 3,208.

“The corporate isn’t evaluating any such proposal and therefore we’re not able to touch upon the veracity of stated media report,” the Adani group firm stated in an trade submitting. 

“Within the occasion there’s any improvement that requires disclosure below Regulation 30 of the SEBI (Itemizing Obligations and Disclosure Necessities) Rules, 2015, we are going to responsibly disclose the identical in accordance with the regulatory necessities,” Adani Enterprises stated.

Nuvama Institutional Equities in an October 13 observe stated Jaypee at the moment owns 10.55 mtpa of operational capability and Jaiprakash Associates straight controls 5.15 mtpa based mostly in central India and the steadiness 5.4 mtpa is with its subsidiaries and affiliate entities. 

The brokerage has a cautious view on the cement sector, given the business’s weak pricing energy; the current 15 per cent uptick in value of home petcoke that challenges the speculation of large value discount; and medium-term uncertainty owing to Adani Group’s entry. 

Adani Group plans to double capability over the following 5 years and likewise turning into the most important home participant by 2030, it famous.