* 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.