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Buy ACC; target of Rs 2900: ICICI Direct

ICICI Direct is bullish on ACC has recommended buy rating on the stock with a target price of Rs 2900 in its research report dated September 29, 2022.

October 01, 2022 / 02:50 PM IST
 
 
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ICICI Direct's research report on ACC


ACC (now Adani group conglomerate part) is a large cement player with capacity of over 34.5 MT in India and one of the oldest cement players in industry. ACC also manufactures ready-mix concrete and has 50 plants across India. ACC has a strong balance-sheet with debt free status • Ongoing capex of Rs 3500 crore would increase its capacity to 39.3 MT by CY22E. Grinding unit (GU) in Sindri & Tikaria has already been commissioned, balance 3.2 MT new capacity is progressing as per schedule.


Outlook


We value ACC at Rs 2,900 i.e.11.5x CY23E EV/EBITDA.


More Info


At 17:30 ACC was quoting at Rs 2,408.55, up Rs 30.75, or 1.29 percent.


It has touched an intraday high of Rs 2,426.35 and an intraday low of Rs 2,356.00.


It was trading with volumes of 62,038 shares, compared to its thirty day average of 49,963 shares, an increase of 24.17 percent.


In the previous trading session, the share closed up 1.24 percent or Rs 29.10 at Rs 2,377.80.


The share touched its 52-week high Rs 2,784.95 and 52-week low Rs 1,900.50 on 14 September, 2022 and 07 March, 2022, respectively.


Currently, it is trading 13.52 percent below its 52-week high and 26.73 percent above its 52-week low.


Market capitalisation stands at Rs 45,229.50 crore.


For all recommendations report, click here


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ACC - 011022 - icici

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first published: Oct 1, 2022 02:50 pm