ACC’s 1.6-mtpa grinding unit at Tikaria in Uttar Pradesh has been commissioned
ACC
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ACC share price rose nearly 5 percent intraday to Rs 2,238.70 on February 15 after the company announced it had expanded capacity at a grinding unit in Uttar Pradesh by 1.6 mtpa.
ACC announced the successful commissioning of a 1.6-mtpa grinding unit (GU) at Tikaria in the Uttar Pradesh, the company said in its press release.
The additional capacity will add 1.6 mtpa of cement to the existing capacity of 2.31 mtpa, taking the total capacity at Tikaria GU at 3.91 mtpa.
“ACC’s strong belief and resilience in these difficult times enabled the team to commission the additional capacity at Tikaria GU. Meticulous planning and collaborative approach of the Tikaria team has been the driving force in setting a new benchmark by ACC in these unprecedented times,” ACC MD & CEO Sridhar Balakrishnan said.
Broking house KRChoksey said it expects an increase in demand due to the government’s focus on infrastructure development, the revival of the real estate industry, and a resurgence in demand for industrial and commercial construction led by the implementation of production-linked schemes, increase in warehousing space due to the e-commerce boom, etc.
To capitalise on the opportunity, ACC planned various capacity additions to allow production headroom for volume growth. The planned expansion is on track and will help ACC pursue growth opportunities going ahead, it added.
Various cost initiatives taken under “Project Parvat” to bring down the costs are now visible. The company has a healthy balance sheet with healthy outlook going ahead, the broking house said.
“As a result, we are rolling out CY23 estimates and value the stock at 9.2x CY23E EV/EBITDA, which yields a target of Rs 2,540 a share (unchanged) giving an upside potential of 17.9 percent from the CMP (current market price). We upgrade our rating to “buy” from “accumulate” rating on the stock,” KRChoksey said.
At 3.01 pm, ACC was quoting at Rs 2,237.60, up Rs 82.85, or 3.84 percent on the BSE.
