JP Associates extends fall on earnings concerns

Thu Nov 15, 2012 11:58am IST

A labourer works inside a cement storage godown at an industrial area in Mumbai November 6, 2012. REUTERS/Danish Siddiqui

A labourer works inside a cement storage godown at an industrial area in Mumbai November 6, 2012.

Credit: Reuters/Danish Siddiqui

Related Topics

Stocks

   

Reuters Market Eye - Shares in cement maker Jaiprakash Associates(JAIA.NS) 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 November 14.

FILED UNDER:

Reuters Showcase

Asian Shares

Asian Shares

Oil's drop chills Asian stocks, inflation data boosts dollar  Full Article 

Legal Complaints

Legal Complaints

Government's payday from telecoms auction could be delayed  Full Article 

Rail Budget

Rail Budget

India aims to invest $137 billion in railways in next 5 years  Full Article | Full Coverage 

Gold Market

Gold Market

Gold holds up on Chinese demand, set to snap 4-week losing run  Full Article 

Breakingviews

Breakingviews

StanChart board clearout is only the first step  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage