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Reduce Ambuja Cements, target of Rs 77: IIFL
IIFL has maintained its reduce rating on Ambuja Cements with a 12-month target price of Rs 77. In the near term, the stock would likely continue to underperform, given capacity constraints and high cost on coal.
IIFL has maintained its reduce rating on Ambuja Cements with a 12-month target price of Rs 77 in its August 25, 2008 research report. "In the near term, the stock would likely continue to underperform, given capacity constraints and high cost on coal. ACL is currently trading at an EV/tonne of USD 108 on CY09ii capacity-not cheap vis-à-vis its peers. We retain our REDUCE rating on the stock, with a 12-month target price of Rs 77. Nevertheless, any sharp correction from here would provide long-term value, in our view," says IIFL's research report.
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