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Buy JK Cement; target of Rs 3600: ICICI Direct

ICICI Direct is bullish on JK Cement recommended buy rating on the stock with a target price of Rs 3600 in its research report dated November 15, 2022.

November 24, 2022 / 03:41 PM IST
 
 
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ICICI Direct's research report on JK Cement


With 14.7 MT grey cement capacity, JK Cement is the fourth largest player in North India, which contribute over 40% of its revenues. The company also has a presence in Gujarat, Maharashtra and Karnataka. It is also the second largest producer of white cement (0.6 MT) and wall putty (1.2 MT) in India • The company is adding another 4 MT integrated cement capacity (22 MW WHRS) in the central region that will take its capacity to 18.7 MT by FY23E • The company is aiming to reach 25 MT capacity by FY25E and has identified the Uttar Pradesh and Madhya Pradesh market for the said expansion.


Outlook


We now upgrade our rating from HOLD to BUY. We value the stock at Rs 3,600 (at 15x FY24E EV/EBITDA).


For all recommendations report, click here

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JK Cement - 15 -11-2022 - icici
Broker Research
first published: Nov 24, 2022 03:41 pm