JP Associates surges 11 percent after Care upgrades long-term debt rating

Shares of the Jaiprakash group of companies were the star performers on the bourses, outperforming the benchmark Sensex, after the rating agency Care revised the former’s credit rating for bank facilities. At 2.50 pm, shares of Jaiprakash Associates shot up nearly 11 percent to Rs 11.90 amid volumes of nearly 45 lakh shares traded on BSE. [caption id=“attachment_2296472” align=“alignleft” width=“380”]  Reuters[/caption] In a statement issued to stock exchanges (both BSE & NSE), the company said Care has revised its long-term bank facilities of Rs 19,168 crore to Care BB from BBB-. The markets also showed lot of enthusiasm for another listed group firm Jaiprakash Power Ventures, the shares of which soomed 11.2 percent to Rs 6.37. Around 24 lakh shares changed hands on BSE as against two-week daily average volume of 21.77 lakh shares.