Jain Irrigation Systems, BHEL shares extend fall as Sensex sinks: Update

Feb 05 2013, 16:57 IST
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SummaryJain Irrigation Systems shares Ltd fall 8.6 percent...

(Reuters Update at 10:20 am):

* The BSE Sensex index falls 0.38 percent, and the 50-share NSE Nifty index also down 0.4 percent today.

* Jain Irrigation Systems shares Ltd fall 8.6 percent a day after the company reported a net loss of 311.7 million rupees in December quarter.

* Jain Irrigation's business model has been "plagued" with two key issues over 12-18 months such as delayed government receivables and increasing leverage, brokerage IDFC said in a note.

* Jubilant Foodworks Ltd shares fall 7.8 percent, after its December quarter same store sales grew by 16 percent versus expectations of 20 percent.

* Bharat Heavy Electricals Ltd (BHEL) shares down 2.6 percent, extending fall after its October-December earnings on Friday disappointed investors.

* However, Oil and Natural Gas Corp Ltd shares gain 0.6 percent after Morgan Stanley raised its rating to "overweight" from "equalweight", citing benefits from the recent government reforms on fuel prices.

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