Jaiprakash Associates hits 52wk high after company turns profitable in Q1
STOCK MARKET - Jaiprakash Associates gained as much as 20% to Rs 30.40, its 52-week high after the company on Saturday reported a standalone net profit of Rs 764.99 crore in the quarter ended June, on higher income and lower expenses incurred during the period. The company had reported a loss of Rs 602.95 crore in the corresponding quarter of the previous year. Its total income for the April-June period stood at Rs 2,602.9 crore, against Rs 1,836.61 crore in the year-ago period. The company's total expenses reduced to Rs 2,444.13 crore in the quarter under review, as compared to Rs 2,703.26 crore in the corresponding period a year ago, according to a regulatory filing. The company also approved a proposal for raising of funds up to Rs 2,000 crore through equity related instruments for meeting