HDFC Securities, a prominent financial services firm, has issued a buy recommendation for ACC, setting a target price of Rs 2440. Currently, ACC Ltd. is trading at a market price of Rs 2024.1.
ACC Ltd., established in 1936, is a Large Cap company with a market capitalization of Rs 37,886.08 Crore, operating in the Cement sector.
The key Products/Revenue Segments for ACC Ltd. primarily include Cement, Ready Mix Concrete, Other Operating Revenue, and Scrap for the fiscal year ending on December 31, 2021.
For the quarter ending on June 30, 2023, the company reported a Consolidated Total Income of Rs 5278.02 Crore, indicating a 7.49% increase from the Total Income of Rs 4910.06 Crore in the previous quarter. Moreover, this figure represents a substantial growth of 16.71% compared to the Total Income of Rs 4522.28 Crore reported in the same quarter of the previous year. During this quarter, the company achieved a net profit after tax amounting to Rs 463.22 Crore.
As of September 30, 2023, the promoters retained a 56.69% stake in the company, while FIIs (Foreign Institutional Investors) held 7.1%, and DIIs (Domestic Institutional Investors) held 22.69% of the company.
HDFC Securities’ buy recommendation for ACC suggests a positive outlook on the stock, indicating potential for growth and providing investors with an opportunity to consider.