ICICI Securities puts 'hold' on UltraTech Cement<http://latestequityresearchreports.blogspot.com/2009/03/icici-securities-puts-hold-on-ultratech.html> http://latestequityresearchreports.blogspot.com/2009/03/icici-securities-puts-hold-on-ultratech.html
CMP: Rs 463.50 Target price: Rs 509 ICICI Securities (I-Sec) has downgraded its rating on UltraTech Cement to ‘hold’ from buy, saying the*stock*<http://www.blogger.com/post-create.g?blogID=7950274338194775518#>was fairly valued at current price, given the weak fundamentals of the cement sector in general. The brokerage has lowered the FY09 earnings estimate for the company by 10.2%, to factor in the delay in its 4.9-million tonne expansion at Tadipatri, Andhra Pradesh, and the significant increase in the cost of imported coal. I-Sec expects the company’s earnings per share for this *financial year*<http://www.blogger.com/post-create.g?blogID=7950274338194775518#>at Rs 77.7. “However, higher-than-expected realisations, primarily aided by strong prices in the South, are expected to partly offset fuel-cost pressure. In FY10, UTCL will benefit from the steep correction in imported coal prices and the reduction in CENVAT from 12% to 8% in December ‘08 ,” an I-Sec note to clients said. Source: ET --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
