India's Ramco Cements up on Q4 volume boost, price recovery hopes

Ramco Cements

23/05/2024 05:19

** Shares of India's Ramco Cements  TRCE.NS  up 1.4%,
trimming some gains after a 3.3% jump earlier in the session 
    ** Low prices in key South India market helped maker's
cement volumes rise to 5.5 million tonnes in Q4
    ** Co's volume growth of 17% y/y exceeds Centrum's 7% growth
view, brokerage maintains "reduce" rating
    ** Brokerage Antique Stock Broking retains "buy" rating,
adds "worst in terms of pricing, especially in the South, seems
likely behind"
    ** Both brokerages cut TP:
    
 Brokerage  New TP      Old TP
 Centrum    809 rupees  874 rupees
 Antique    920 rupees  960 rupees
 
    ** South India-focussed cement maker's Q4 profit
fell-more-than-feared as cement prices in the region hit
four-yr-lows
    ** YTD TRCE has shed over 23% 

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))