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ACC an underperformer: ICICIdirect.com

Posted on: February 9th, 2009 and is filed under Brokerage Recommendations.

ICICIdirect.com has downgraded its rating on ACC to underperformer with a target of Rs 475 in its February 9, 2009 research report. “Net sales grew by 5.6% YoY to Rs 1886.5 crore in Q4CY08 from Rs 1785.6 crore in Q4CY07.

Reported net profit declined by 33.8% YoY to Rs 300.4 crore in Q4CY09 from Rs 453.5 crore in Q4CY08. However adjusted profit has improved by 3.1% YoY and 22.1% on QoQ basis. We are downgrading the rating to UNDERPERFORMER on the stock with a price target of Rs 475 per share,” says ICICIdirect.com’s research report.

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