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ICICI Securities Lists 2 Multibagger Stocks To Buy From Cement Sector Showing Return Potential
ICICI Securities has listed preffered stock picks from cement sector with good return potential. These stocks are JK Cement Ltd and Ultratech Cement Ltd. If you buy these 2 stocks now at the current market price, you can get potential 29% return.
According to the analyst, "Our checks suggest price hikes in the range of Rs10-15/bag in west and east India and Rs20-25/bag in south India in Dec'22. Further, on the cost front, domestic petcoke prices have declined 6% MoM in Dec'22 while the average imported petcoke price in Nov'22 was US$188/te (CIF), down 3% MoM. Favourable construction season augurs well and will likely provide impetus for price hikes in Q4FY23E. UTCEM and JKCE are our top picks. Key risks: Cost escalations and pricing weakness."
Check key takeaways below:
1. Buy Ultratech Cement Ltd
The current market price of the stock is Rs 7044 apiece with an intraday fall of 1.82%. The stock's 52-week high is Rs 7947 apiece and 52-week low is Rs 5158 apiece, respectively. The company has a market capitalisation of Rs 2,03,267.91 crore.
ICICI Securities has given buy call to the stock with a target price of Rs 9000 apiece. If you buy Ultratech Cement at today's current market price, you can get potential 29% return.
The large cap stock has given 69% return in last 5-years and 70% return in last 3-years. The company for the quarter ended September 30, 2022 declared a consolidated total income of 14038 crore, down 8% from last quarter total income of 15,272 crore.
2. Buy JK Cement Ltd
The current market price of the stock is Rs 3139 apiece with an intraday decline of 1.41%. The mid cap company has a market capitalisation of Rs 24, 455 crore. It has given 213% return in last 5-years and 172% return in last 3-years.
The stock has rallied 10% in last 3-months and 12% in 1-month.
ICICI Securities has assigned buy rating to the stock with a target price of Rs 3365 apiece. If you buy the stock now at today's current market price, you can get 7% return.
The company for the quarter ended September 30, 2022 declared a consolidated total income of Rs 2249 crore, down 1% from last quarter total income of Rs 2287 crore.
Disclaimer
The stocks have been picked from the brokerage report of ICICI Securities. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.
