Ambuja Cements shares gained around 4 per cent on the bourses on Thursday after Nomura upgraded its stocks to ‘buy’ from ‘Neutral’. The scrip closed 3.94 per cent higher at Rs 218.75.
While upgrading the stock, Nomura said current valuations of the company are reasonable in context of net cash balance sheet and strong franchise. It added company would be key beneficiary of pick up in non-south regions of India
Ambuja Cements reported 45 per cent fall in its standalone net profit at Rs 226.4 crore for the second quarter ended June, 2015.
The cement maker, in which Swiss building material major Holcim has a majority stake, had posted a net profit of Rs 408.7 crore in the year-ago period, it said in a BSE filing.
With agency inputs