Hold ACC with target of Rs 1530: Religare

Hold ACC with target of Rs 1530, says Mihir Jhaveri, Vice President- Institutional Research, Religare Capital Markets.

Jhaveri told CNBC-TV18, "On ACC, we expect margins of around 14.4, which will be like a sequential drop of more than 400 basis points (bps). We expect a profit after tax (PAT) decline of 12 percent. I think we expect a pretty muted quarter given that the prices had declined. So, that is largely the assumption in terms of profitability for ACC."
He further added, "We have a hold recommendation on ACC with a target of Rs 1,530. So in terms of preference, we had clearly a preference towards Ambuja Cement and Ultratech Cement which is our top picks right now. So, we continue to prefer those compared to ACC."