Jaiprakash Associates stock downgraded

Goldman Sachs has downgraded Jaiprakash Associates stock to 8216;neutral8217; from 8216;buy8217; and removed the stock from the Wall Street bank8217;s 8220;Asia Pacific buy list8221; as it sees limited potential for positive surprise as high debt levels remain a concern on earnings. 8220;Although next quarter earnings should improve on a sequential basis driven by better cement realizations,higher interest outflow and delays being seen in commissioning power and road assets may weigh the stock down,in our view,8221; it said in a note.

8220;We attribute Jaiprakash Associates8217; underperformance,which impacted its shares,to a difficult macro environment in India inflation,high interest rates,and slowdown in order inflow and negative news flow,8221; it added. At 11.01 a.m.,the stock was at Rs 91.80 down 0.7 percent.