Jaiprakash Power shares rise up to 14% as firm settles NARCL claim for Rs 511 crore

According to fresh market updates, Jaiprakash Power Ventures shares rose up to 14 percent in Monday's market session after the firm settled a claim with the National Asset Reconstruction Firm Ltd (NARCL) for Rs 511 crore.

The firm's shares hit an intraday high of Rs 17.49 per share on the NSE, rising nearly 14 percent.

Later, some earnings booking emerged at elevated marks and the stock was trading at Rs 16.98, up 10.47 percent, around 11:15 am.

The sharp uptick in the stock came after CNBC-TV18 noted that the firm and NARCL had agreed to settle the matter for Rs 511 crore as full and final payment.

The settlement is subject to payment of Rs 511 crore, fulfilment of certain other conditions and execution of definitive agreement(s), the firm stated.

The firm further stated the insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) will stand withdrawn once all the conditions of the settlement terms are fulfilled.