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."
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