Jaiprakash Associates shares fall 2.6%
- Why Germanwings flight A320 might have crashed over the French Alps
- Indian Navy surveillance aircraft crashes in Goa; two officers missing
- Section 66A: 21 individuals whose petitions changed the system
- Government is willing to compromise on land bill: Venkaiah Naidu
- A little reminder: No one in House debated Section 66A, Congress brought it and BJP backed it
Shares in cement maker Jaiprakash Associates down 2.6 percent, extending their fall from a 2.4 percent decline during the short Diwali session on Tuesday. Stock markets were closed on Wednesday.
Jaiprakash reported late on Monday July-September net profit slumped 48.6 percent from a year ago, disappointing investors.
Morgan Stanley says Jaiprakash's cement operations proved sturdy, but attributes the profit decline to weakness in the construction and real estate divisions.
Debt remains a key concern, Morgan Stanley adds, noting net debt to equity has increased.
We believe that the market will remain sanguine on the issue for a while, as the company tries to sell assets to reduce leverage, the investment bank says in a note dated Nov. 14.
Company INFO More on Jaiprakash Associates