Jai Corp up 4.5%

Jai Corp is doing well today, up currently 4.5% at Rs.66.40, with an intra day high at Rs.67.75. Volumes are pretty huge at almost 7 lakh shares traded today morning as against 4.5 lakh shares over past two weeks average.

The market is happy on unconfirmed news that the company has decided to sell a part of its stake in the Navi Mumbai special economic zone (SEZ). This SEZ  did not take off at all as the company continues to face issues over land acquisitions.  This SEZ required land of about 5,250 acres and it has managed to acquire 4,125 acres but it is not one big parcel, it is scattered all over Navi Mumbai.  This land acquired is today valued anywhere around Rs.4000 crore and this monetization would benefit the company immensely as the project was going anywhere and not giving any returns.