Buy Sanghi Ind; target of Rs 75: Religare
Religare is bullish on Sanghi Ind has recommended buy rating on the stock with a target price of Rs 75 in its research report dated April 30, 2016.
Religare's research report on Sanghi Ind
SNGI’s management indicated that cement demand in FY16 increased by just 3.5% in the Gujarat market (which accounts for 85% of its sales), although the company has done better than the industry on account of new capacity. SNGI is hopeful of a demand recovery as the Gujarat government has started announcing development projects in the run-up to the FY17 state elections. For instance, work on the recently announced 7km Gandhinagar Metro is in full swing and is to be completed before FY17. The Delhi Freight Corridor (DFC) and government plans for smart cities should further help strengthen the demand climate.
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