Buy UltraTech Cement target of Rs 7700: Sharekhan

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Sharekhan's research report on UltraTech Cement

Cement demand and prices during July-August declines sequentially owing to seasonality. We expect cement demand and pricing environment to improve from the fag end of Q2FY2023. International and domestic pet coke prices during July-August 2022 decline 23% and 12% respectively compared to Q1FY2023 while diesel prices dip 5%. The benefits to be visible from Q3FY2023. Ultratech’s aggressive long term capacity addition plans would help in capturing incremental demand along with maintaining its leadership positioning.

Outlook

We maintain a Buy on UltraTech Cement (UltraTech) with a revised PT of Rs. 7,700, considering its long-term growth potential and reasonable valuation.

More Info

At 10:24 hrs UltraTech Cement was quoting at Rs 6,526.85, up Rs 53.90, or 0.83 percent.

It has touched an intraday high of Rs 6,554.65 and an intraday low of Rs 6,495.00.

It was trading with volumes of 1,416 shares, compared to its thirty day average of 23,875 shares, a decrease of -94.07 percent.

In the previous trading session, the share closed down 0.53 percent or Rs 34.70 at Rs 6,472.95.

The share touched its 52-week high Rs 8,267.00 and 52-week low Rs 5,158.05 on 08 November, 2021 and 17 June, 2022, respectively.

Currently, it is trading 21.05 percent below its 52-week high and 26.54 percent above its 52-week low.

Market capitalisation stands at Rs 188,411.30 crore.

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UltraTech Cement - 260822 - khan