Buy ACC, target price Rs 2681: ICICI Direct

ICICI Direct has buy call on ACC with a target price of Rs 2681. The current market price of ACC is Rs 2656.25. Time period given by analyst is Intra Day when ACC price can reach defined target. ICICI Direct recommended to keep stopl oss at Rs 2624.7.

ACC, incorporated in the year 1936, is a Large Cap company (having a market cap of Rs 49795.55 Crore) operating in Cement sector.

ACC key Products/Revenue Segments include Cement, Ready Mix Concrete, Other Operating Revenue, Scrap for the year ending 31-Dec-2021.


Financials
For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 4057.08 Crore, down -10.29 % from last quarter Total Income of Rs 4522.28 Crore and up 6.42 % from last year same quarter Total Income of Rs 3812.31 Crore. Company has reported net profit after tax of Rs -90.25 Crore in latest quarter.

The company’s top management includes Mr.Sridhar Balakrishnan. Company has Deloitte Haskins & Sells LLP as its auditors. As on 30-09-2022, the company has a total of 19 Crore shares outstanding.

Investment Rationale
Price on the verge of breakout above bullish flag like formation, signaling continuation of the up move.

Promoter/FII Holdings
Promoters held 56.68 per cent stake in the company as of 30-Sep-2022, while FIIs owned 22.63 per cent, DIIs 18.85 per cent.