Deutsche Bank downgrades Jaiprakash to “sell”, India

Deutsche Bank downgrades Jaiprakash to “sell”, India
24 July 2013


Deutsche Bank downgrades India's Jaiprakash Associates Ltd to "sell" from "hold", due to higher-than-expected debt.

The bank says the company's consolidated debt of INR612bn (US$10.24bn) came in at INR10bn above its estimates.

It has also cut its FY14 earnings estimates for the India-based cement producer  by 14 per cent and that of FY15 by nine per cent, citing a "high degree of operating leverage" in a "weak cement demand environment."

Published under Cement News