Dalmia Bharat's deal to buy Jaypee's cement assets hits a legal hurdle
Dalmia Bharat's acquisition of Jaiprakash Associates' cement assets for ₹5,666 crore is facing a legal hurdle due to a shareholder dispute at one of the joint-venture plants involved in the deal. The National Company Law Tribunal (NCLT) has ordered a freeze on Jaypee's shareholding in Jaypee Bhilai Cement, a joint venture between Jaiprakash Associates and Steel Authority of India Limited (SAIL).
Jaiprakash Associates defaults on Rs 4,044 crore loans
Jaiprakash Associates, the flagship firm of the crisis-hit Jaypee Group, has defaulted on loans of INR40.44bn ($538.8m), covering both principal and interest amounts, according to a regulatory filing. The loans were fund-based working capital, non-fund-based working capital, term loans and foreign currency convertible bonds.
Ahead of Market: 10 things that will decide D-Street action on Thursday
The overall uptrend status of Nifty remains intact. Though, the market is placed at the new highs, the selling pressure has not been emerging from near the hurdle. If such a pattern continues for the next 1-2 sessions, without showing any further damages, then that could eventually result in a sharp upside bounce in the market. Immediate support is at 19300 levels,” said Nagaraj Shetti, Technical Research Analyst at HDFC Securities