Mumbai: Shares of Jaiprakash Associates Ltd and Jaypee Infratech Ltd gained over 100% in the last one month on the back of higher volumes and with Jaypee Group managing to salvage a deal that involved the sale of the conglomerate’s cement assets to UltraTech Cement Ltd.

In morning trade, JP Associates touched a high of 12.50 on the BSE, up 37.5% from its previous close. Jaypee Infratech jumped 20% to touch a high of 10.98 a share. Jaiprakash Power Ventures Ltd rose 18.4% to 6.05 a share.

JP Associates has been gaining since 2 June, except for seven trading sessions during the period. Since 2 June till date, JP Associates has surged 114.39%, and so far this year, it’s down 2.4%. Since 8 June till date, Jaypee Infratech gained 100%, and so far this year, fell 17.12%. In the last one month, JP Power gained 51%, and so far this year, fell 19.43%.

On Tuesday, Jaiprakash Associate Ltd closed at 11.62 on BSE, up 28% from previous close while India’s benchmark Sensex index fell 0.41% to 27166.87 points. Jaypee Infratech Ltd rose 15.9% to 10.60 and Jaiprakash Power Ventures Ltd rose 10.4% to 5.64.

“I think the Jaypee group stocks are gaining because of the Ultratech Cement deal and it’s a good opportunity for the group to pare its debt," said Deven Choksey, group managing director, KR Choksey Investment Managers Pvt. Ltd.

JP Associates said it has approved an amendment to the definitive agreement dated 31 March and also the draft scheme arrangement with UltraTech Cement for sale of its cement business and that of its wholly-owned subsidiary Jaypee Cement Corp. Ltd comprising identified cement plants, the report added. The total enterprise value agreed upon is 16,189 crore, an increase of 289 crore over the original deal value, Mint reported.

A huge block deal has happened in the Jaiprakash Associates counter and 3.15 million shares of the company changed hands in a block deal. However, details of buyers and sellers were not known, according to Bloomberg report.