|Chennai||Rs. 27770.00 (-0.14%)|
|Mumbai||Rs. 29200.00 (2.31%)|
|Delhi||Rs. 27900.00 (-0.36%)|
|Kolkata||Rs. 28270.00 (1%)|
|Kerala||Rs. 27050.00 (-0.37%)|
|Bangalore||Rs. 27550.00 (1.66%)|
|Hyderabad||Rs. 27770.00 (-0.14%)|
Shares in cement maker Jaiprakash Associates
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.