Cement Stocks Rally as CLSA Upgrades UltraTech and Shree Cement; check price targets
Published on 17/09/2025 11:54 AM
Cement counters traded firm on Wednesday, September 17, after global brokerage CLSA turned more bullish on the sector and upgraded UltraTech Cement Ltd., Shree Cement Ltd. and Ramco Cements while maintaining its positive stance on Ambuja Cements and Dalmia Bharat. Around 10:10 am, shares of the five cement majors were up between 0.8 per cent and 3.3 per cent on the NSE.
CLSA raised UltraTech Cement to “high conviction outperform” from “accumulate” and lifted its target price by 8.9 per cent to Rs 14,700 per share from Rs 13,500. This implies an upside of 16.9 per cent from Tuesday’s closing price. The brokerage said UltraTech is best placed to benefit from cost-saving initiatives and organic capacity expansion.
Shree Cement moved to “outperform” from “hold” with a revised target price of Rs 33,500 versus Rs 31,900 earlier, implying a potential upside of 13.3 per cent from its last close. Ramco Cements was upgraded to “hold” from “reduce” with a target price of Rs 1,045 per share, close to its previous closing level of Rs 1,040.
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CLSA maintained its “outperform” ratings on Ambuja Cements and Dalmia Bharat with price targets of Rs 670 per share and Rs 2,650 apiece respectively — upside potentials of 16.8 per cent and 9.1 per cent. The brokerage cited improving profitability, pricing discipline and the removal of coal cess as key drivers for its revised estimates.
The upgrades follow HSBC’s move on Tuesday to raise price targets on five cement stocks, naming UltraTech Cement its top pick. Analysts said the back-to-back upgrades highlight a constructive outlook for the sector heading into the festive season.
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Senior Sub-editor at Zee Business English
shweta.shukla@India.com
Shweta Birendra Shukla is a journalist covering the stock market and corporate affairs, with prior stints at Business ...LATEST NEWSBy accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.