April 25, 2019 / 9:56 AM / 6 months ago

BUZZ-Indian cement stocks jump aboard UltraTech rally

** Shares of Indian cement makers Ambuja Cements Ltd , Ramco Cements Ltd, India Cements Ltd and Dalmia Bharat Ltd climb between 2.57 and 8.42 pct

** The rally is driven by optimism after strong quarterly numbers and volume growth at larger rival UltraTech Cement, said an analyst with a local brokerage who did not wish to be named

** “This is a sort of rerating” - analyst

** The country’s largest cement maker UltraTech Cement Ltd on Wednesday reported March-quarter net profit of 10.17 bln rupees - more than double from last year and beating analysts’ consensus forecast of 7.79 bln rupees

** This is the company’s first rise in quarterly profit since June-qtr 2017; Q4 domestic sales volumes jumped 16 pct

** UltraTech shares up 6.6 pct to record high, see best day since Nov. 2; clock trading volumes of 7x 30-day average

** HSBC attributes UltraTech’s earnings beat to better-than-expected cost efficiencies; raises TP to 3,200 rupees from 3,140 rupees

** Shares of Dalmia Bharat climb 8.4 pct to seven-week high, while India Cements jumps 6.2 pct

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below