Jaiprakash Associates falls 4.5% on degrowth in Q3 profits
Jaiprakash Associates went down 4.5 percent on Tuesday after higher than expected fall in profit of third quarter of financial year 2012-13.
Jaiprakash Associates went down 4.5 percent on Tuesday after higher-than-expected fall in its third quarter profits.
Net profit of the company dropped more than 64 percent year-on-year to Rs 110.9 crore as its interest cost jumped over 20 percent. Total income, however, rose by 15.5 percent to Rs 3,430.9 crore from Rs 2,969.5 crore during the same period.
Meanwhile, the research firm Barclays has an overweight rating on the stock with a target price of Rs 103. "Near-term performance will be driven by the company's ability to resolve the perception around it's debt service capability," Barclays reasoned.
At 11:42 hours IST, shares lost 4.5 percent to Rs 69.45 on Bombay Stock Exchange.