Buy Shree Cements, target price Rs 29600: Yes Securities

Buy Shree Cements, target price Rs 29600:  Yes Securities

Yes Securities has buy call on Shree Cements with a target price of Rs 29600. The current market price of is Rs 28368.8.

Shree Cements Ltd., incorporated in the year 1979, is a Large Cap company (having a market cap of Rs 102152.54 Crore) operating in Cement sector.

For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 3649.38 Crore, up 8.83 % from last quarter Total Income of Rs 3353.33 Crore and up 13.63 % from last year same quarter Total Income of Rs 3211.65 Crore. Company reported net profit after tax of Rs 631.58 Crore in latest quarter.

Investment Rationale
The stock has resumed an uptrend after forming a double bottom at a trendline support. Further, massive volumes were witnessed in the last bull candle, confirming strong uptrend. Technical indicator +DI has crossed the -DI, suggesting higher levels.

Promoter/FII Holdings
Promoters held 62.6 per cent stake in the company as of June 30, 2020, while FIIs held 13.2 per cent, DIIs 9.9 per cent and public and others 14.3 per cent.

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