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Shares of ACC climbed to 5-week high on strong Q4 earnings. The stock climbed as much as 3 per cent to Rs 1,620, highest since March 14. The company’s March-quarter profit rose 19 per cent to Rs 250 crore ($38.0 million).
ACC reported better-than-expected quarter as cost pressure from high petroleum coke prices, and higher freight was not fully reflected, according to Credit Suisse. It has raised the target price to Rs 1,500 from Rs 1,300, and has given a “neutral” rating.
Morgan Stanley says key positive surprises include robust volume growth, while costs were in line with estimate. It has maintained “overweight” rating, and a price target of Rs 1,887.
Of 40 analysts covering the stock, 15 rate it “buy” or higher, 16 “hold” and 9 “sell” or lower; their median target price is Rs 1,790.50, according to Thomson Reuters data.
Up to Wednesday's close, the stock had fallen 10.5 per cent in the last 12 months.
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