Sharekhan has given Buy recommendation for UltraTech Cement with a target price of Rs. 7700 in its research report issued on Aug 25, 2022

Sharekhan’s research report on UltraTech Cement

Cement demand and prices during July-August declines sequentially owing to seasonality. We expect cement demand and pricing environment to improve from the fag end of Q2FY2023. International and domestic pet coke prices during July-August 2022 decline 23% and 12% respectively compared to Q1FY2023 while diesel prices dip 5%. The benefits to be visible from Q3FY2023. Ultratech’s aggressive long term capacity addition plans would help in capturing incremental demand along with maintaining its leadership positioning.


We maintain a Buy on UltraTech Cement (UltraTech) with a revised PT of Rs. 7,700, considering its long-term growth potential and reasonable valuation.

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