Jaiprakash Associates shares fall 2.6%


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

Stocks More on Jaiprakash Associates

Please read our terms of use before posting comments
TERMS OF USE: The views expressed in comments published on indianexpress.com are those of the comment writer's alone. They do not represent the views or opinions of The Indian Express Group or its staff. Comments are automatically posted live; however, indianexpress.com reserves the right to take it down at any time. We also reserve the right not to publish comments that are abusive, obscene, inflammatory, derogatory or defamatory.