Buy UltraTech Cement: target of Rs 8000: Sharekhan
Sharekhan is bullish on UltraTech Cement has recommended buy rating on the stock with a target price of Rs 8000 in its research report dated April 22, 2021.
April 23, 2021 / 01:53 PM IST
Sharekhan's research report on UltraTech Cement
Cement industry in general and Ultratech in particular are expected to see weak demand in April as key states have imposed a lockdown as COVID-19 cases rise. Cement price hikes in early April have withstood in the Southern and Eastern regions while there has been Rs. 10-20 per bag correction in a few micro-markets in North and West. The company’s 19.5 mtpa expansion plan at a cost of Rs. 6,527 crore (without affecting de-leveraging plan) to ensure industry outperformance over the next 4-5 years.
We maintain a Buy on Ultra Tech Cement (Ultra Tech) with an unchanged PT of Rs. 8,000 as we envisage that the COVID-led impact on volumes would be short-lived; structural growth drivers for a bounce back are intact.
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