India's leading cement company ACC’s dispatches for November 2011 stood at 1.83 mn tonnes, up by modest 5.2% yoy.
Growth in dispatches was aided by expansions at Wadi and Chanda
plants. However, the company’s dispatches declined by 7% on mom basis due to
heavy rains in the southern region during November.
Ambuja Cements’ dispatches stood at 1.83mn tonnes, up by strong 29% yoy on a low base of last year.
JP Associates also posted 43.2% yoy growth in dispatches during November to
1.59 mn tones, aided by higher capacity.
We continue to remain Neutral on ACC and Ambuja Cements, while we maintain our Buy recommendation on JP Associates with a target price of Rs. 86.
Review By Angel Broking
Growth in dispatches was aided by expansions at Wadi and Chanda
plants. However, the company’s dispatches declined by 7% on mom basis due to
heavy rains in the southern region during November.
Ambuja Cements’ dispatches stood at 1.83mn tonnes, up by strong 29% yoy on a low base of last year.
JP Associates also posted 43.2% yoy growth in dispatches during November to
1.59 mn tones, aided by higher capacity.
We continue to remain Neutral on ACC and Ambuja Cements, while we maintain our Buy recommendation on JP Associates with a target price of Rs. 86.
Review By Angel Broking
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