NEW DELHI: Shares of Jaiprakash Associates climbed 5 per cent in Monday's trade after the company bagged Rs 2,850-crore contract from Chenab Valley Power Projects.While the company is yet to report about the order win, sources told PTI that the flagship firm of debt-ridden Jaypee group secured Rs 2,853 crore contract for construction of diversion tunnel and concrete face dam for 1,000 MW-Pakal Dul hydroelectric project in Jammu and Kashmir.
The stock climbed 5.41 per cent to hit a high of Rs 16.55 on BSE at around 9.40 am.
Chenab Valley Power Projects is a joint venture company of NHPC, JKSPDC and PTC (India).
After bagging this contract, JAL's order book from EPC (engineering, procurement and construction) business has gone up to Rs 14,000 crore from Rs 5,500 crore a year-ago, it reported.
The scope of work in the contracts includes surface and tunnel spillway, intake structure, head race tunnel and other allied structures of Pakal Dul hydroelectric project, sources told PTI.