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Nomura, BNP Paribas, and HSBC have upgraded their recommendations for Shree Cement, Larsen & Toubro (L&T), and Glenmark Pharma, signaling potential investment opportunities. These leading global brokerages have revised target prices and ratings based on market conditions and company fundamentals for the upcoming year.
Cement stocks experienced a rally on December 2, led by Ultratech Cement, which rose over 3% to become the top gainer on the Nifty 50. Jefferies forecasts an 8-10% volume growth in H2FY25, driven by improved demand and government capital expenditure revival, with Ultratech and JK Cement identified as top picks. Other companies like Shree Cement and ACC also saw gains of 2-3%.
Shree Cement has received a Buy rating from Sharekhan, with a revised target price of Rs 28,800. The company's standalone revenues aligned with expectations, benefiting from lower power and fuel costs, while management aims for volume growth in line with industry rates over the next two years. Capacity expansion plans are on track to exceed 80 mtpa by 2028, with an annual capex of Rs 4,000 crore.
Shree Cement's Q2FY25 results fell short of expectations, with revenue declining 15.1% YoY to INR 40,542 Mn and EBITDA down 30.8% YoY to INR 6,135 Mn due to high operating expenses. PAT plummeted 82.9% YoY to INR 764 Mn, leading to a revised target price of INR 25,575 while maintaining an "ACCUMULATE" rating, reflecting confidence in the company's expansion plans.
Shree Cement Limited
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brokerages upgrade recommendations for shree cement larsen toubro and glenmark pharma
06:32 28.03.2025
Cement stocks surge as Jefferies forecasts recovery in second half of fiscal year
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07:45 02.12.2024
shree cement maintains buy rating with target price of 28800 rupees
10:00 14.11.2024
Shree Cement faces challenges as earnings decline but expansion plans remain intact
06:04 13.11.2024
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