Sell ACC, target price Rs 2020: Kotak Securities

Kotak Securities has sell call on ACC with a target price of Rs 2020. The current market price of ACC is Rs 2082.55.
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 39139.56 Crore) operating in Cement sector.


ACC Ltd. 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 31-03-2022, the company reported a Consolidated Total Income of Rs 4485.01 Crore, up 4.80 % from last quarter Total Income of Rs 4279.64 Crore and up 3.44 % from last year same quarter Total Income of Rs 4335.94 Crore. Company reported net profit after tax of Rs 392.69 Crore in latest quarter.

Investment Rationale
Broken its support levels with bearish engulfing candlestick formation, suggesting further weakness.

Promoter/FII Holdings
Promoters held 54.53 per cent stake in the company as of 31-Mar-2022, while FIIs owned 22.44 per cent, DIIs 10.29 per cent.