Jaiprakash Associates Cluster: Ugly Duckling Recommendation: Hold Price target: Rs266 Current market price: Rs237 To raise funds through equity dilution in subsidiary The management of Jaiprakash Associates Ltd (JAL) has announced that the company is looking at diluting 15% stake in its subsidiary, Jaypee Infratech Ltd (JIL), for Rs2,500 crore. JIL is constructing the … [Read more...]