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Jaiprakash Jumps as Ultratech Said to Near Cement Plant Deal

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Jaiprakash Associates Ltd. shares jumped Thursday, after people familiar with the matter said the company is nearing an agreement to sell a central India cement grinding plant to the nation’s biggest producer of the building material.

Jaiprakash shares climbed 12 percent, the most in more than three weeks, to close at 9.75 rupees Thursday in Mumbai. The benchmark S&P BSE Sensex rose 2 percent. The company is in advanced talks to sell its cement facility in Bhilai, in Chhattisgarh state, to Indian billionaire Kumar Mangalam Birla’s Ultratech Cement Ltd., the people said Wednesday, asking not to be identified as the matter is private.