Buy Shree Cement, target of Rs 825: Sharekhan
Sharekhan has maintained its buy rating on Shree Cement with a price target of Rs 825 in its April 02, 2009 research report. “Shree Cement has commissioned clinker manufacturing Unit VII of 1MMT capacity at Bangur City, Ras in Pali district of Rajasthan at a capital investment of Rs 200 crore.
In order to account for higher realisation and better than expected volumes, we are upgrading our earnings estimates for FY2009 and FY2010. The net profit for FY2009 and FY2010 is revised upwards by 4.3% and 11.6% to Rs 479.9 crore and Rs 291 crore respectively. We have been bullish on cement sector since the past four months with Shree Cement as one of our top picks. The stock has appreciated by over 45% since our last update on January 30, 2009. We maintain our Buy call on the stock with a revised 12-month price target of Rs 825 (EV/tonne of USD 70 on expanded capacity),” says Sharekhan’s research report.
Tags: brokerage recos, buy, sharekhan, shree cement
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