Shree Cements not fined by CCI, stock up

MUMBAI: The Shree Cements stock gained momentum, since it was not penalised by the Competition Commission of India, even as the rest of the cement pack remained under selling pressure.

“We maintain a selective approach to the cement sector and would prefer Shree Cements in the current scenario since it was not fined by the CCI,” a Kotak Securities report stated.

The brokerage maintains an ‘accumulate’ rating on the stock and revised the target price to Rs 2,756 from Rs 2,886.

At 01:50 p.m., the stock was at Rs 2,836, up 4.55 percent, on the BSE. It has touched a high of Rs 2,839.95 and a low of Rs 2,679.90 today.