JP Associates extends fall on earnings concerns
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.
- Tweet this
- Share this
- Digg this
- Missing jet could slow Malaysian Airline's return to profit
- Rescuers scour sea for Malaysian jet lost in "unprecedented mystery"
- Missing Malaysian jet may have disintegrated in mid-air - source
- TIMELINE - The search for missing Malaysian jet
- Hijacking not ruled out in missing Malaysian jet - chief investigator
The disappearance of a Malaysian jetliner is an "unprecedented aviation mystery", a senior official said on Monday, with a massive air and sea search now in its third day failing to find any confirmed trace of the plane or the 239 people aboard. Full Article