See 100% upside in India Cements: Rajen Shah

Rajen Shah of Angel Stock Broking told CNBC-TV18, "UltraTech Cement was disappointing wherein there was 52 percent drop in numbers. It could have been because of interest cost, weak demand, poor realistaion and this will be the case with most companies."

"UltraTech is a 54 million tonne cement company and you are getting it for Rs 54000 crore that means 1 million tonne for almost Rs 1000 crore. Similarly, ACC it is 30 million tonne at Rs 22,000 crore, that is Rs 700 crore per million tonne and Ambuja Cement which is 30 million tonne at Rs 30,000 that is Rs 1000 per million tonne," he added.
"However, Indian Cements which is in the midst of controversy, I think the stock has come down to interesting levels of Rs 50. At this level you are getting 16 million tonne at only Rs 1500 crore. So even if one adds Rs 4000 crore debt, one is getting 16 million tones for Rs 300 crore million tone. So although the stock is surrounded in controversy, it is a good stock to own at this price, 100 percent upside in this stock over the next 24 months is possible."