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CLSA 'constructive' on cement cos' prospects, upgrades Dalmia and ACC
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CLSA said it has turned 'constructive' on the cement sector, citing incrementally better earnings visibility in CY25. While upgrading ratings on Dalmia Bharat and ACC, the brokerage said it prefers Ambuja Cement and UltraTech.
«Underperformance of the stocks has been driven by earnings cuts and hence the sector is trading at a slight premium to the historical median,» said CLSA in a client note.
«We expect an earnings recovery and see pockets of opportunity.» The brokerage raised its price target on Dalmia to ₹2,110, implying an upside of 17% and on ACC to ₹2,580, implying gains of 28.5% over Wednesday's closing price.
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