The Jaiprakash Associates and Jaypee Infratech stocks displayed a firm tone in early trading on the BSE on Thursday.
They are expected to trade firm as the Rs 12,839-crore, 165-km-long, six-lane Yamuna Expressway connecting Noida and Agra, completed by Jaypee Infratech, is likely to be inaugurated by the Uttar Pradesh Chief Minister Akhilesh Yadav today.
Toll collections from the expressway are expected to boost revenues for the company. According to the terms of the concession agreement, Jaypee Infratech is entitled to collect tolls at rates fixed by the Government of Uttar Pradesh for 36 years. In addition, the company will receive 6,175 acres across five different sites at the Government’s cost of acquisition, paying only an annual lease rent of Rs 41 an acre.
The Jaiprakash Associates stock was quoting at Rs 77.25 up 0.59 per cent at 10.44 am on Thursday. The previous close was Rs 76.80 and it opened firm at Rs 77.35.
Jaypee Infratech stock was quoting at Rs 56.40 at 10.45 am on the BSE, up 1.26 per cent. Its previous close was Rs 55.70 and it too opened on a firm note at Rs 57 today.
In the quarter ended June 2012, Jaiprakash Associates had recorded revenues of Rs 3,008 crore and a net profit of Rs 138.84 crore, while Jaypee Infratech had recorded revenues of Rs 678.30 crores and net profit of Rs 209.92 crore.