ACC may slip to Rs 1050-1070: Baliga

ACC may slip to Rs 1050-1070, says Ambareesh Baliga, Independent Analyst.

Baliga told CNBC-TV18, “Cement stocks, I think it is something more structural because I have been quite flabbergasted the way most of these cement companies were reporting numbers in the last couple of quarters because I was expecting them to be reporting weak numbers but they had come out with good numbers earlier. So I think now it is that catching up which is happening because clearly looking at the ground level situation, the demand is nothing too great single-digit growth.”
He further added, “At least for the next two-three quarter, this issue is going to continue. So, cement is still a sell, you will still find margins under pressure over the next two-three quarters. For ACC Cement, I will not be surprised if we see levels of closer to about Rs 1,050-1,070.”