UltraTech Cement, Dalmia Bharat, Ramco Cements: Why Are These Cement Stocks Up Today?

Shares of cement stocks including UltraTech Cement, Dalmia Bharat, and Ramco Cements rallied up to 5% on Wednesday (December 27) after Japanese broking firm Nomura upgraded them and raised their target prices.

Stating that the cement momentum will continue in India, the brokerage firm has upgraded Ultratech, Dalmia Bharat, and Ramco Cement to "buy" from the earlier rating of "neutral."

According to Nomura cement stocks are likely to see margin expansion on the back of strong volume growth and reduced fuel costs in FY24.

UltraTech Cement And Revised Price Target at Rs 11,500

The share price of UltraTech Cement traded at a new 52-week high value of 10379.70 in today's intraday trading. The stock has a 52 Wk High and 52 Wk low of 10,379.70, and 6,605.45, respectively. UltraTech Cement stock price was up 3.06% at Rs 10328.00 per share at 12:53 pm IST today. The brokerage house has raised the price target of UltraTech Cement to Rs 11,500. In the last one year, returns from UltraTech Cement have increased by 45.37%.

Dalmia Bharat: Price Target At Rs Rs 2,900

On Wednesday, the share price of Dalmia Bharat Ltd was up 3.76% at Rs 2324.75 per share at 12:57 pm IST. The stock has a 52 Wk High and 52 Wk low of 2,428.85, and 1,675.00, respectively. In this year so far, shares of Dalmia Bharat have gained 22.99%. Nomura has raised the price target of the stock to Rs 2,900. In the last one year, returns from Dalmia Bharat stock has increased 24.61%.

Ramco Cements: Price Target Revised To Rs 1,250

The share price of The Ramco Cements Limited gained 2.73% at Rs 1015.50 per share at 1 pm IST today. The stock has a 52 Wk High and 52 Wk low of 1,057.85, and 636.15, respectively. In this year so far, the stock has gained 43.89%. The brokerage firm Nomura has raised the price target of Ramco Cements to Rs 1,250. In the last one year, returns from Ramco Cements have increased 43.97%.

India's cement industry reported robust volume growth of 17% YoY in the initial half of FY24. The momentum is expected to continue in the second half, anticipating an 11% growth in sales volumes from the first half and a 13% YoY surge, Nomura said. The firm has upgraded its industry volume growth estimate from 8% to 12% for FY24.

Nomura also expects robust sales volume growth to continue in the second half of the current financial year. Volume growth over the financial year 2025-2026 is expected to be higher than that in the past decade, said the brokerage firm.