India's Dalmia Bharat falls; brokerages flag lost market share

Jaiprakash Associates

17/10/2023 10:33

** Shares of cement manufacturer Dalmia Bharat  DALB.NS 
fall as much as 4.1% to 2,226.15 rupees, mark sharpest intraday
pct loss since Aug. 14
    ** Nomura says DALB lost market share in Q2, especially in
the east; believes co will struggle to regain market share in
FY24; downgrades DALB to "neutral" from "buy", TP at 2,600
rupees
    ** Jefferies says DALB volume growth is likely below
industry growth in Q2, maintains "buy" while raising TP to 2,680
rupees from 2,440 rupees
    ** Ambit Insights believes till the deal to acquire cement
business of Jaiprakash Associates  JAIA.NS  is completed,
concerns of competing bids remains
    ** Believes industry's pricing power should sustain through
4QFY24, but will be temporary due to post-election demand
moderation among others in FY25
    ** DALB on Saturday reported 156.5% Y/Y rise in Q2
consolidated net profit while rev rose 6% Y/Y



 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))