Dalmia Bharat share price rises over 3% in a weak market; Motilal Oswal sees a 23% upside
Dalmia Bharat share price rose over 3 per cent in an otherwise weak market on Monday, January 1. Dalmia Bharat share price opened at ₹2,280.05 against the previous close of ₹2,274.30 and rose 3.4 per cent to the level of ₹2,352.35. On the other hand, equity benchmark Sensex declined over 200 per cent in morning trade.
Around 10 am, Dalmia Bharat share price was up 2.12 per cent at ₹2,322.60 while the Sensex was 62 points down at 72,178. In the last one year, Dalmia Bharat share price has gained about 23 per cent against an 18 per cent gain in the equity benchmark Sensex. The stock hit its 52-week high of ₹2,428.85 on December 14, 2023, and a 52-week low of ₹1,675 on January 27, 2023.
(Exciting news! Mint is now on WhatsApp Channels. Subscribe today and stay updated with the latest financial insights! Click here!) Brokerage firm Motilal Oswal Financial Services expects a further 23 per cent upside in the stock price from the current level. The brokerage firm has a buy call on the stock with a target price of ₹2,800.
"Dalmia Bharat has underperformed the BSE Sensex and most cement stocks under our coverage in the last six months mainly due to a delay in the acquisition of JPA’s cement assets (announced in Dec’22) and a slowdown in cement demand in the eastern region, in our view," Motilal Oswal pointed out. Also Read: Yes Bank shares cheer New Year after receipt of ₹150 crore from NPA portfolio sale. Experts see more upside "However, we are optimistic about the company’s long-term outlook, given (a) its plan to increase capacity to 110-130mtpa at a 14-17 per cent CAGR by 2031, (b) focus on sustainable growth through various initiatives such as higher blended cement, green energy mix, and (c) strong balance sheet with the
. Read more on livemint.com
