JP Associate: TP 20-21 March Expiry

*Huge Triggers: Complete turnaround*

1) Co has total 32.85 million ton cement capacity ( out of which 5.2 million ton under construction). JP had sold 21.2 million ton to Ultratech for 16189 cr. _After this sale, JP will have 11 million ton cement capacity_

JP will *receive this amount* from Ultratech in next 1-2 weeks maximum. Thus total debt of 37294 ( short term, long term) will come down to 21105 cr, leading to substantial reduction in interest cost from June quarter onwards.

2)Further JP owns following Five Star luxury hotels (of which _2 are in prime location of Delhi_):

Jaypee Siddharth Continental Delhi 94 rooms

Jaypee Vasant Continental, Vasant Vihar Delhi 119 rooms

Jaypee Residency Manor Mussourie 135 rooms

Jaypee Palace & Convention Centre Agra 341 rooms

Jaypee Greens Golf & Spa Resorts *( 70 acres)* Noida 170 Suites

JP Associate likely to SELL Hotel division which may fetch JP 2500-3000 cr for further debt reduction

Finally JP lenders likely to convert part of their debt in equity @18-20 per share

With above steps, JP Associate may stop incurring loss from September 17 quarter onwards as Interest cost will plunge with lower depreciation

Stock can be 50-60 in 18 months, being accumulated by Ultra HNIs