India Cements down as analysts expect market share loss to continue

India Cements

25/05/2023 08:09

** Shares of India Cements  ICMN.NS  fall as much as 3.3% to
184 rupees, lowest since April 28
    ** Co reports widened Q4 loss before exceptional items at
1.28 bln rupees ($15.47 mln) from a loss of 364.7 mln rupees Y/Y
    ** ICMN loses market share due to lack of capacity additions
and is expected to continue in same path in South India given
the capacity addition by peers, say analysts at Motilal Oswal
    ** Elara Capital analysts say any benefit on the cost front
may be offset by soft price trend as supply overhang is expected
to keep cement prices volatile in co's core market in south
India
    ** Motilal Oswal, Elara Capital and Anand Rathi reiterate
"sell" rating
    ** Nearly 2.3 mln shares traded by 12:25 p.m. IST, vs 30-day
avg of 2.4 mln shares
    ** Analysts on average have "sell" rating on stock; median
PT is 140  rupees - Refinitiv data
    ** Stock fell 15% during the March-qtr; down 12.9% YTD up to
last close

($1 = 82.7503 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))