Nomura cuts price target for Ultratech
Nomura has cut its price target for Ultratech Cements to Rs3198 from 3427, while maintaining its buy rating for the stock.
By Nishanth Vasudevan, ET Bureau | Updated:
MUMBAI: Nomura has cut its price target for Ultratech Cements to Rs3198 from 3427, while maintaining its buy rating for the stock citing slower-than-expected recovery in demand.
“We cut our Ultratech volume and realisation growth estimates over FY16F-FY18F as recovery in demand has been slower than earlier expected,” said Nomura analysts Vineet Verma and Saion Mukherjee in a client note.
At 2:00 PM, Ultratech shares were down 2.3% at Rs2621.80.
“…demand has weakened instead of improving, which has also weighed on cement prices. The impact of this will also be visible in Ultratech’s 3Q/4Q results,” they said.
“We cut our Ultratech volume and realisation growth estimates over FY16F-FY18F as recovery in demand has been slower than earlier expected,” said Nomura analysts Vineet Verma and Saion Mukherjee in a client note.
At 2:00 PM, Ultratech shares were down 2.3% at Rs2621.80.
“…demand has weakened instead of improving, which has also weighed on cement prices. The impact of this will also be visible in Ultratech’s 3Q/4Q results,” they said.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
