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Buy Shree Cement; target of Rs 23,453: Sharekhan

Sharekhan is bullish on Shree Cement has recommended buy rating on the stock with a target price of Rs 23,453 in its research report dated September 11, 2020.

14 Sep 2020 by Broker Research

Sharekhan's research repor on Shree Cement

Shree Cement has witnessed healthy volume growth during July and August versus industry’s production declining by double digits during July and expected to be weak due to the dual impact of monsoon and Covid. We expect Shree Cement to outpace industry volume growth over FY2021E-FY2023E led by increasing capacity utilization and addition of new capacities. The Pune and Cuttack grinding unit are expected to be completed by Q3FY2021. Capex for FY2021 to be Rs. 1000 crores while new capex to be firmed up by Q3FY2021.

Outlook

We upgrade Shree Cement Limited (Shree Cement) to Buy with anunchanged PT of Rs. 23,453,owing to a steep correction in the stock and healthy outlook.

For all recommendations report, click here

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