New Delhi: Stock market expert Ambareesh Baliga has recommended buying shares of UltraTech Cement and India Cements. The expert shared the share price target and Stop Loss for both the stocks.
India Cements share price target
Giving a Buy rating on India Cements, the stock market expert suggested the scrip to be purchased at current levels with a target price of Rs 350 with a time frame of 12 months. On Friday, June 28, 2024, the cement stock fell two per cent in the opening trade and traded around Rs 285 apiece on the Bombay Stock Exchange (BSE). Baliga has suggested that investors should remain invested in the Chennai-based India Cements after the Ultra Tech Cement and India Cements block deal that was sealed on June 28.
Ultra Tech Cement share price target
The stock market Ultra Tech Cement expert said the stock has the potential to rise further in the long run. Suggesting the market enthusiast to buy the shares of Ultra Tech Cement, he recommended a target price of Rs 14,000 with a time frame of one year.
Meanwhile, heavy profit booking was reported as the market opened leading to the decline of the Ultra Tech Cement share price. The scrip traded at around Rs 11,565 on the BSE at the time of writing this article.
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Ultratech Cement acquires stake in India Cements
On June 27, 2024, the Aditya Birla Group owned Ultratech Cement announced the acquisition of 22.84 per cent stake in formed BCCI president N Srinivasan owned India Cements. According to Bagila, the acquisition is just the beginning. The stock market expert thinks that India’s largest cement company, Ultratech Cement, would look to acquire more stake in India Cements in the long run which will go beyond the 22.84 per cent. Bagila said, “I do believe that they may acquire upto 24.75% over the next few days and would surely negotiate with Mr. N Srinivasan for the 28% promoter holding. It’s very much possible that the balance acquisition happens at a higher price thus finally the open offer could provide a further uptick from current levels.”
In the long run, the expert sees Chennai-based India Cements would get merged with the Aditya Birla Group-owned cement company. This is Baliga’s rationale behind his conviction on India Cements share price target. According to him, if the merger goes through, then a fresh rally would be witnessed in India Cements share price.
Bagila said, “In the longer run, if the acquisition goes through smoothly, India Cements may be merged with Ultratech. Thus remaining invested in India Cements from a long term perspective would be a worthwhile proposition.”
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