Day After Crash, Unitech, JP Associates Rebound

Shares in heavily leveraged companies such as Unitech, Jaiprakash Associates rebounded on Thursday, a day after crashing by 30-50 per cent. (Read full story)

Unitech, which has a debt of around Rs 8,400 crore, was up 10 per cent at Rs 9.56 as of 11.20 a.m.

Jaiprakash Associates traded 4.6 per cent higher at Rs 13.65; another group company Jaiprakash Power Ventures was 4.3 per cent at Rs 6.78. Jaiprakash has been selling assets in recent quarters to cut its heavy debt load and improve balance sheet. The group has initiated steps for disinvestment of assets of over Rs 22,000 crore which are on track to be completed by September, the company said in the statement.

Jaiprakash Associates has a total debt of around Rs 72,500 crore.

Suzlon, which is also struggling under huge debt, traded 3.4 per cent higher at Rs 21.50.

Shares in Anil Ambani companies, also under huge debt,  also saw some buying interest. Reliance Communications was up 1.2 per cent, while Reliance Power traded 0.3 per cent higher.

Among other beaten down stocks, GMR Infra was flat at Rs 13.05. The company has debt of around Rs 45,000 crore.

Meanwhile, the broader markets traded on a flat note; the BSE Sensex was up 17 points or 0.06 per cent at 26,854.