Cement prices crack, HSBC lowers targets for UltraTech, Dalmia Bharat

HSBC also slashed the target price on Dalmia Bharat to Rs 2,500 apiece, while maintaining its buy call on the counter.

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International brokerage HSBC noted that cement prices have fallen in the current quarter.

The cost has declined in the markets of South, North and West India. The spreads have turned downwards. They now imply a 10-12 percent sequential decline in the unitary EBITDA.

HSBC decided to cut estimates and targets on cement players, as a result of weakening prices. It retained its ‘buy’ call on UltraTech Cement, but cut the price target to around Rs 10,900 per share.

HSBC also slashed the target price on Dalmia Bharat to Rs 2,500 apiece, while maintaining its ‘buy’ call on the counter.

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On March 20, the Competition Commission of India (CCI) approved the company’s proposed acquisition of Kesoram Cement business from Kesoram Industries.

“The proposed combination relates to the acquisition of the grey cement business of Kesoram Industries Limited by UltraTech Cement Ltd under a composite scheme of arrangement on November 30, 2023,” the company said in a regulatory filing.

UltraTech Cement posted a 67 percent surge in net profit in the third quarter of FY24, beating expectations, riding on the back of robust demand for building materials and lower operating costs.

Profit climbed to Rs 1,774.78 crore in the three months ended December from Rs 1,062.58 crore a year earlier, the company said in a statement on January 19. Analysts expected the company to report a net profit of Rs 1,714.19 crore for the October-December quarter, according to estimates from seven brokerages collated by Moneycontrol.

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