Global brokerage house CLSA has upgraded Ramco Cements to buy from sell rating and also raised target to Rs 930 from Rs 700 per share as it has upgraded FY19-20 EPS estimate by 3-6 percent.
Ramco is a top pick in the cement sector as channel checks indicate demand pick-up In Tamil Nadu, the brokerage house said.
It believes volume growth would also improve in the next 12-18 months.
The stock gained more than 2 percent intraday Monday. At 11:34 hours IST, it was trading at Rs 744.05, up Rs 2.80, or 0.38 percent on the BSE.
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