April 24, 2019 / 4:54 AM / 5 months ago

BUZZ-India's ACC falls as rising costs, low cement realisations disappoint

** Shares of ACC Ltd plunge as much as 5 pct to 1578.45 rupees, their lowest since March 27

** Shares post worst intraday fall since Oct 19

** Cement maker posted over 38 pct jump in March-qtr profit on Tuesday, but reported nearly 8 pct spike in expenses

** Nomura says Q1 was disappointing as the expected cement price increase did not materialise and the benefit of reduced fuel costs did not reflect in the results

** Post general election, demand and cement realisation should improve in Q2, Nomura says; retains ‘buy’ rating with TP of 1,700 rupees

** Edelweiss downgrades stock to ‘hold’ from ‘buy’ saying realisations and cost disappointed; raises TP to 1,799 rupees from 1,653 rupees

** HSBC says margin expansion failed to play out due to misses on realisations, as well as costs; cuts TP to 1,650 rupees from 1,680 rupees, retains ‘hold’ rating

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