Sharekhan is bullish on UltraTech Cement has recommended buy rating on the stock with a target price of Rs 4330 in its research report dated January 24, 2019.
Sharekhan's research report on UltraTech Cement
UltraTech reported decent operational performance backed by volume and realisation growth. Management is positive on the cement demand outlook as industry capacity addition is expected to lag incremental demand over the next three years. UltraTech would be focusing on improving profitability of the recently acquired Binani Cement’s assets, bringing it at par with UltraTech. Moreover, transfer of Century’s cement assets is expected to be completed by Q1FY2020.
We upgrade UltraTech Cement (UltraTech) to Buy with a revised PT of Rs. 4,330, rolling forward our valuation multiple to FY2021E, while factoring the recently acquired assets in consolidated financials.
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