ACC, Ambuja Cements fall 5 per cent post Q4 results; top Nifty losers

NEW DELHI: Cement majors, ACC and Ambuja Cements slipped about 2 per cent each in trade on Friday and were among the top losers on the 50-share Nifty index, a day after both companies reported their results for the quarter ended March 31.

Cement maker ACC reported an 8.67 per cent dip in consolidated net profit to Rs 400 crore during the January-March quarter on higher input costs and lower realisations.

Ambuja Cements reported 6.57 per cent increase in standalone net profit of Rs 520 crore during the January-March quarter mainly on account of higher income.

Ambuja Cements which rose initially to hit its fresh 52-week high of Rs 220.05 on the BSE pared the gains.

ACC, which follows a January-December accounting year, clocked a profit of Rs 438 crore in the corresponding quarter a year earlier, it said in a statement.

Asia-focused broker CLSA has however upgraded ACC to ‘buy’ with a target price of Rs 1600. The brokerage firm also upgrades Ambuja Cements to ‘outperform’ with a target price of Rs 240.

However, global investment bank, Goldman Sachs maintains ‘sell’ recommendations on the stock with a target price of Rs 125.