Ambuja Cements drops 4.5% on Credit Suisse downgrade
Credit Suisse expects profit in June quarter to decline 25-35 percent year-on-year for Indian cement majors. Ambuja Cements could report a profit decline of 34 percent Y-o-Y.
July 22, 2013 / 11:50 IST
Ambuja Cements shares dropped 4.5 percent Monday, after Credit Suisse downgraded the stock to neutral with a target price of Rs 205.
"The stock is trading at its peak multiples and already pricing in a margin recovery in CY14 as part of potential merger synergies with ACC," Credit Suisse report said.The brokerage house expects Indian cement majors' profit in June quarter to decline 25-35 percent year-on-year. At 11:34 hours IST, the stock was quoting at Rs 198.10, down 4.55 percent on the Bombay Stock Exchange while ACC and UltraTech Cement lost around 2 percent. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
