Mumbai: Shares of debt-ridden Jaiprakash Associates Ltd on Monday closed 14.4% higher after the company reported profit for the June quarter after 12 consecutive quarter losses, which came as a surprise.

The stock hit a high of Rs30.40, a level last seen on 25 November 2014. The stock closed at Rs29 on the BSE, up 14.40% from its previous close, while India’s benchmark Sensex index fell 0.16% to closed at 32,273.67 points.

Its group companies were also trading higher. Jaypee Infratech Ltd and Jaiprakash Power Ventures Ltd rose 5% each.

On Saturday, JP Associates reported a net profit of Rs764.99 crore in the June quarter against a net loss of Rs866.65 crore a year ago due to lower interest cost and higher revenues. Net sales rose 42.32% from a year ago to Rs2,585.44 crore. Interest cost fell 53.45% to Rs404.79 crore.

The board also approved raising funds up to Rs2,000 crore via equity-related instruments for meeting its capital expenditure and to reduce debt.

Investors hope that the prospect of quick debt restructuring may provide some respite to its lenders and JP Group stocks. So far this year, JP Associates has surged 259.36%, Jaiprakash Power Ventures Ltd 90% and Jaypee Infratech Ltd gained 193.2%.

In June, Ultratech Cement Ltd completed Rs16,189 crore JP Associate’s six integrated cement plants and five grinding units, which have a capacity of 21.2 million tonnes, giving respite to the banks and JP Group stocks.

As of September 2016, Japirakash Associates has a total debt of Rs20,735.97 crore, while Jaypee Infratech has a debt of Rs7,673.74 crore. As of March 2017, Jaiprakash Power Venture has a total debt of Rs9,608.70 crore.