Buy UltraTech Cement: target of Rs 8000: Sharekhan

Trading Calls - Equity F&O

Sharekhan is bullish on UltraTech Cement has recommended buy rating on the stock with a target price of Rs 8000 in its research report dated March 10, 2021.

Broker Research

March 12, 2021 / 08:38 AM IST

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Sharekhan’s research report on UltraTech Cement

Construction of houses under PMAY show strong growth for FY2021 till date. Road project awards and construction maintain the growth momentum. Property registrations in Maharashtra are robust for March 2021 till date. Pan-India cement prices rose sharply by 3.8% m-o-m/6.6% y-o-y in February-end till date. East saw a 7.4% m-o-m hike, while other regions saw an uptick of 2.3%-3.6%. The company’s 19.5 mtpa expansion plan at a cost of Rs. 6,527 crore (without affecting de-leveraging plan) to ensure industry outperformance over the next four to five years.

Outlook

We maintain Buy on UltraTech Cement (UltraTech) with a revised PT of Rs. 8,000, owing to high probability of upward revision in earnings estimates in the near term and strong visibility of long-term demand growth.

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