Shares of cement companies were trading higher in the afternoon session on Wednesday’s trade. Ramco Cements
and ACC gained after global brokerage firm Deutsche Bank raised price targets on likely strong growth in South India cement business.
Deutsche upgraded its rating on Ramco Cements to Buy and it raised target price to Rs750 from Rs630 earlier as it estimates at 32% EPS CAGR in FY19-21 driven by 11% CAGR in volumes, the media report said.
The brokerage firm Deutsche Bank has increased its price target for ACC
to Rs1,760 from Rs1,710 and for Dalmia Bharat
raised to Rs1,310 from Rs1,305 apiece.
Meanwhile, the Sensex
was down 6 points to 35,967, while the Nifty
slipped 13 points to 10,823. The market breadth was neutral with 846 shares advancing, 856 shares declining, and 361 remaining unchanged.
ACC Ltd is currently trading at Rs1,430.90 up by Rs46.7 or 3.37% from its previous closing of Rs1,384.20 on the BSE. The scrip opened at Rs1,388.20 and has touched a high and low of Rs1,457.25 and Rs1,388.20 respectively.
The Ramco Cements Ltd is currently trading at Rs680.75 up by Rs32.05 or 4.94% from its previous closing of Rs648.70 on the BSE. The scrip opened at Rs658.50 and has touched a high and low of Rs694 and Rs658.50 respectively.
Dalmia Bharat Ltd(Merged) ended at Rs2,515 up by Rs122.05 or 5.1% from its previous closing of Rs2,392.95 on the BSE. The scrip opened at Rs2,396.05 and touched a high and low of Rs2,592.05 and Rs2,287.95 respectively.