Feb 13, 2013, 05.34 PM | Source: Moneycontrol.com
Ventura has recommended hold rating on Jaiprakash Associates, in its February 12, 2013 research report.
, Ventura |
“Jaiprakash Associates reported numbers which missed the street estimates. Decline in EBIT margin in cement business, higher depreciation and interest costs coupled with higher tax rate dragged the profitability. Robust assets and strong execution capability defines JP Associates, However, servicing of the huge debt remains a major concern on the stock. Jaiprakash Associates has raised USD 100 mn (~Rs 530 crore) through QIP route at Rs 83 per share in February 2013. The issue of shares has meant a 3percent dilution on equity. Any stake sale of the cement business in the coming months will enable the company to reduce debt leading to a re-rating of the stock. At the CMP of Rs 72, the stock is currently trading at 12.6x and 7.2x its FY14 and FY15 consensus earnings estimates, we recommend a HOLD on the stock,” says Ventura research report.
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