Buy JK Cement, target price Rs 3055: ICICI Direct

ICICI Direct has buy call on JK Cement Ltd. with a target price of Rs 3055. The current market price of JK Cement Ltd. is Rs 2938.5.

JK Cement Ltd., incorporated in the year 1994, is a Mid Cap company (having a market cap of Rs 22716.09 Crore) operating in Cement sector.

JK Cement Ltd. key Products/Revenue Segments include Cement and Other Operating Revenue for the year ending 31-Mar-2022.



Financials
For the quarter ended 30-09-2022, the company reported a Consolidated Total Income of Rs 2249.64 Crore, down -1.65 % from last quarter Total Income of Rs 2287.31 Crore and up 15.78 % from last year same quarter Total Income of Rs 1942.96 Crore. Company reported net profit after tax of Rs 111.25 Crore in latest quarter.

Investment Rationale
Inverted head and shoulder pattern breakout with a base above the 200 days EMA.

Promoter/FII Holdings
Promoters held 45.84 per cent stake in the company as of 30-Sep-2022, while FIIs owned 16.08 per cent, DIIs 21.9 per cent.