CLSA on Cement Ultratech – O-P, TP Rs 7200 Dalmia Bharat – O-P, TP Rs 1730 Shree Cement – U-P , TP Rs 21300 Ramco cement – Sell, TP Rs 675 Ambuja’s cost & capacity leadership target priced in CLSA on Cement Upgrade ACC to O-P, TP Raised to Rs 2700 Downgrade Ambuja to Sell, […]

Macquarie on ACC & Ambuja Upgrade to Out Perform $2.5bn fund infusion & plans to double capacity will see Ambuja’s growth profile re-rate Raise CY22E & CY23E EBITDA for Ambuja by 5% & 6% & for ACC by 4% and 7% Ambuja – TP Rs 580 & ACC – TP Rs 2985

Jefferies Upgrade Ambuja to Buy, TP Rs 620 Retain Buy on ACC, TP Rs 3030 Group synergy benefits should start coming in from Dec-22 qtr & accelerate over next 1-3 yrs Raise consol EBITDA est for Ambuja by 20%/30% for FY24/FY25 on higher vols & EBITDA/T assumption