Buy UltraTech Cement: target of Rs 9200: Sharekhan

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Sharekhan's research report on UltraTech Cement

Average cement prices during Jan-Feb 2022 are up 6% y-o-y led by sharp price increase in South and East regions during February 2022. Cement transported through rail rise 4% y-o-y and 13% m-o-m during January 2022 despite Omicron impact in first half. We expect the company to register y-o-y growth for Q4FY2022. International and domestic pet coke prices eased during Jan-Feb 2022 compared to Q3FY2022. However, the recent hike in crude price would warrant price hike in case pet coke price move northwards.

Outlook

We maintain Buy on UltraTech Cement (UltraTech) with an unchanged PT of Rs. 9,200, factoring in sustained healthy demand environment over FY2022-FY2024.

More Info

At 14:00 hrs UltraTech Cement was quoting at Rs 6,582.05, up Rs 11.40, or 0.17 percent.

It has touched an intraday high of Rs 6,605.00 and an intraday low of Rs 6,445.00.

It was trading with volumes of 8,425 shares, compared to its thirty day average of 14,288 shares, a decrease of -41.03 percent.

In the previous trading session, the share closed up 2.34 percent or Rs 150.15 at Rs 6,570.65.

The share touched its 52-week high Rs 8,267.00 and 52-week low Rs 5,727.90 on 08 November, 2021 and 02 March, 2021, respectively.

Currently, it is trading 20.38 percent below its 52-week high and 14.91 percent above its 52-week low.

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