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Buy UltraTech Cement; target of Rs 8500: Sharekhan

Sharekhan is bullish on UltraTech Cement has recommended buy rating on the stock with a target price of Rs 8500 in its research report dated December 13, 2022.

December 14, 2022 / 04:01 PM IST
 
 
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Sharekhan's research report on UltraTech Cement

Cement demand bounces back in November 2022 post a weak October, which was impacted by the festive season. Average pan-India cement prices during October-November 2022 were higher by 1% compared to Q2FY2023. International coal prices declined on a q-o-q basis during Q3FY2023 till date, while domestic pet coke prices for December 2022 declined 6% m-o-m, resulting in flat q-o-q trend. Diesel prices remain flat sequentially. The company commissioned 5.5mtpa grinding units, taking total India cement capacity to 121.35mtpa. The company commenced 4LMT wall care putty capacity, reaching overall 13LMT capacity.

Outlook

We maintain Buy on UltraTech Cement (UltraTech) with a revised PT of Rs. 8,500, rolling forward our earnings multiple to September 2024 earnings and considering its long-term growth potential.

For all recommendations report, click here

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UltraTech Cement - 14 -12-2022 - share

Broker Research
first published: Dec 14, 2022 04:01 pm

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