INDIA: Buy ACC With Target Of Rs 1045

Technical analyst Nishant Jain of Tradeswift Broking has maintained 'buy' rating on ACC Limited stock to achieve a target of Rs 1045.

The analyst said that the stock can be purchased with a stop loss of Rs 1010.

The stock of the company, on March 22, closed at Rs 1023.65 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 1133.45 and a low of Rs 700 on BSE.

Current EPS & P/E ratio stood at 59.68 and 17.41 respectively.

ACC Ltd stated that its shipments during the last month grew by 17% as compared to the same period of last year.

Country's No. 2 cement manufacturer, in which Swiss cement manufacturer Holcim possesses around 46% equity stake stated that the production of cement during February 2011 surged to 1.97 million tonnes as against 1.71 million tonnes in Marcg 2010.

In addition, the company registered a slight increase of 3.79% in its consolidated net profit for the financial year ended Dec 31, 2010.

During the period under review, the company's net profit surged to Rs 12,629.70 million as against Rs 12,168.40 million during the previous year.

In the meantime, the company's total income increased 4.16% to Rs 76,377.80 million for the period under review.

On a standalone basis, ACC Ltd registered a growth of 3.71% y-o-y in its net profit, which stood at Rs 12,636.10 million for the twelve month period ended Dec 31, 2010.