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    HomeNewsBusinessStocksAmbuja Cements drops 4.5% on Credit Suisse downgrade

    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.

    first published: Jul 22, 2013 11:50 am

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