Ambuja Cements shares – Ambuja Cements shares gain 4% as UBS raises price target
Shares of Ambuja Cements Ltd gained nearly 4% in the afternoon session on Tuesday after global brokerage UBS upgraded the stock to ‘buy’ and raised its target price to Rs 620 from Rs 475. According to the brokerage, cement sector is witnessing strong consolidation with the existing market leaders having an advantage. Moreover, a housing upcycle and government capex revival are likely to drive demand for cement.
UBS said a series of factors will lead to lowering of costs in the cement sector, including a transition to renewable energy, greater use of waste heat recovery systems, reduced freight costs due to increased rail transport, and improved logistics driven by mergers.
Buoyed by the brokerage’s projection, Ambuja Cements shares…
