te Ambuja Cements share price jumps 10%, hits 52-week high; cement stock surges over 35% in one month | Zee Business

Ambuja Cements share price jumps 10%, hits 52-week high; cement stock surges over 35% in one month

Ambuja Cements share price today: Shares of Ambuja Cements jumped nearly 10 per cent in BSE intraday trade to hit a new 52-week high. 

Ambuja Cements share price jumps 10%, hits 52-week high; cement stock surges over 35% in one month
Earlier, domestic brokerage Nirmal Bang Institutional Equities had changed its stance on the sector to ‘Positive’ from ’Neutral’ on multiple triggers. Source: Reuters

Ambuja Cements share price target: Shares of Ambuja Cements jumped nearly 10 per cent in BSE intraday trade to hit a new 52-week high. On Monday, Ambuja Cements share price rose 9.99% to trade on 52-week high value of Rs 567.90 per share.  

The spike in Ambuja Cements share price comes after global brokerage house Jefferis upgraded the stock from hold to buy. The brokerage house gave a buy call with a target price of Rs 620 per share, previously Rs 340 per share.  

Earlier, domestic brokerage Nirmal Bang Institutional Equities had changed its stance on the sector to ‘Positive’ from ’Neutral’ on multiple triggers.  

TRENDING NOW

It said headwinds from receding operating costs, especially petcoke/coal and crude oil, along with improving demand prospects (on the back of pre-election year and pent-up demand) are likely to drive superior earnings growth for the sector.  

It picked Ultratech, Birla Corp, JK Lakshmi, Nuvoco Vistas and Sagar Cements as its preferred pick from the cement segment.  

"Key risks to our call include lower-than-expected demand, increase in crude prices leading to higher freight or petcoke prices and further aggressive capacity addition announcements by incumbent players," it said.  

Meanwhile, JP Morgan maintained an 'Underweight' rating on Ambuja Cements with a target price of Rs 309. It feels there is no clarity as yet on 20000-cr fund raising. It, however, said post warrant issuance, Ambuja would become most cash rich company in Indian cement sector.   

"Emergence of cash-rich Ambuja with aggressive new owners will be negative for peers," it said. 

Meanwhile, CITI recommended a 'sell' with a target price of Rs 340 for the cement counter.  

Written By: Ravi Kant Kumar
Updated: Mon, Sep 19, 2022
04:01 pm
Patna, ZeeBiz WebDesk
RELATED NEWS
Sanghi Industries jumps 5%, Ambuja Cements rise nearly 3% after deal announcement Sanghi Industries jumps 5%, Ambuja Cements rise nearly 3% after deal announcement
Triveni Engineering, Ambuja Cements and Escorts Kubota shares: Buy, Sell or Hold—What should investors do with these stocks? Triveni Engineering, Ambuja Cements and Escorts Kubota shares: Buy, Sell or Hold—What should investors do with these stocks?
Ambuja Cements share price hits 52-week high; 4 cement stocks to buy from large cap, midcap and small cap categories Ambuja Cements share price hits 52-week high; 4 cement stocks to buy from large cap, midcap and small cap categories

By accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

x