Brokerage Recommendations on UltraTech Cement, Ambuja, L&T and Maruti Suzuki

Leading brokerage firms have recently issued their recommendations for various stocks, providing insights into the market outlook. Here is a summary of the latest brokerage views on select companies:

Macquarie on Cement Sector: UltraTech Cement and Ambuja Cements

Macquarie has upheld its outperform rating on UltraTech Cement and increased the target price to Rs 9,250 from the previous Rs 9,087. For Ambuja Cements, the global brokerage firm maintains an outperform rating but has revised the target price down to Rs 480 from Rs 506.

While Macquarie keeps a neutral rating on Shree Cement, the target price has been lowered to Rs 25,149 from Rs 25,236. For ACC, it maintains a neutral rating but has raised the target price to Rs 2,128 from Rs 1,998. Ramco Cement also retains a neutral rating, with the target price increased to Rs 955 from Rs 865.

Macquarie remains positive on the cement sector, citing rising capacity concentration and a promising demand outlook. The brokerage firm believes that solid demand growth will support earnings, and cost management will contribute to margin recovery. The ongoing consolidation in the industry further strengthens its medium-term outlook.

Dalmia Bharat, according to Macquarie, deserves an outperform rating, with the target price revised up to Rs 2,658 from Rs 2,441.

Jefferies on Larsen & Toubro (L&T): Buy | Target Rs 3,050

Jefferies maintains a buy rating on L&T with a target price of Rs 3,050. The brokerage expects increased order flow traction in H1, driven by elections, and anticipates margin recovery in H2 as project execution picks up for orders secured during a period of high commodity prices. Jefferies also views L&T’s buyback as a sign of confidence in its future cash flow strength and notes that the company’s valuations remain attractive.

CLSA on Maruti Suzuki: Sell | Target Rs 9,417

CLSA continues to maintain a sell rating on Maruti Suzuki India but has raised the target price to Rs 9,417 from Rs 8,796. While Maruti Suzuki’s SUV launches have performed well, CLSA observes a slowdown in launch momentum, raising concerns. Competition in the SUV segment is intensifying, and the market share for Maruti Suzuki’s SUVs is expected to decline to low single digits by FY25. Although FY24 is anticipated to be a strong year for Maruti, CLSA suggests that the momentum may not be sustainable in FY25.

These brokerage recommendations provide valuable insights for investors and traders in navigating the stock market.

Disclaimer: The views and investment tips expressed by investment experts on are their own and not those of the website or its management. advises users to check with certified experts before taking any investment decisions.​​
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