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.
Trending On Reuters
India GDP Data
India's economy grew faster than China's in the quarter through March, data showed on Friday, but a sharp downward revision for the previous quarter fuelled doubts about the accuracy of a new method used to measure economic activity. Read | Graphic