Buy on UltraTech Cement witha a target at Rs 3260: Hemen Kapadia

Hemen Kapadia, KRChoksey Securities recommends a buy rating on UltraTech Cement with a target price of Rs 3260 and a strict stop loss placed at Rs 3200. The stock has gained 15 per cent so far in the calendar year 2016. The stock is looking bullish on the charts.

UltraTech Cement is a high beta stock (1.11) and is trading well above its 50-day, 100-day and 200-day moving averages placed at Rs 3,070.76, 2,912.83 and 2,933.78 respectively, as per data collated by ETMarkets.com. The stock is trading with a P/E of 40.18 and P/B of 4.67.