Buy ACC, target price Rs 2345: Kotak Securities

Kotak Securities has buy call on ACC with a target price of Rs 2345. The current market price of ACC Ltd. is Rs 2287.95.

Time period given by analyst is Intra Day when ACC Ltd. price can reach defined target. ACC Ltd., incorporated in the year 1936, is a Large Cap company (having a market cap of Rs 42731.93 Crore) operating in Cement sector.

Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 3930.49 Crore, down -9.35 % from last quarter Total Income of Rs 4335.94 Crore and up 48.12 % from last year same quarter Total Income of Rs 2653.52 Crore. Company reported net profit after tax of Rs 566.18 Crore in latest quarter.


Investment Rationale
After sharp sell-off, consolidating in a narrow range forming a strong base for fresh leg of up move.

Promoter/FII Holdings
Promoters held 54.5 per cent stake in the company as of Dec 31, 2020, while FIIs held 11.7 per cent, DIIs 20.5 per cent and public and others 13.2 per cent.