Cautious on ACC, advise holding: Mihir Jhaveri

Mihir Jhaveri of Religare Capital Markets told CNBC-TV18, "In ACC, the EBITDA per tonne came in at around Rs 469 and my estimate was around Rs 423, so it was tad better in terms of numbers and in terms of EBITDA per tonne which has come in. There has been one time off in the employee cost of Rs 20 crore and there has been District Mineral Foundation (DMF) related charge of Rs 25 crore of the previous two quarters. If I adjust for that then more or less the EBITDA per tonne stays there to what they have reported.""I still stay cautious on the stock, I have a hold rating on the stock given the fact that there will be earnings downgrade which will happen in ACC and it is one of the weakest in terms of EBITDA per tonne compared to its largecap peers. So I remain cautious on the stock," he said.