Ambuja Cements moves higher on reports foreign brokerage maintains buy rating

Ambuja Cements rose 2.19% to Rs 226.80 at 11:17 IST on BSE on media reports that a foreign brokerage has maintained its buy rating on the stock.

Meanwhile, the S&P BSE Sensex was up 155.71 points or 0.62% at 25,108.45.

On BSE, so far 66,000 shares were traded in the counter as against average daily volume of 1.69 lakh shares in the past one quarter. The stock hit a high of Rs 228.25 and a low of Rs 222.50 so far during the day. The stock had hit a 52-week high of Rs 266.40 on 8 April 2015. The stock had hit a 52-week low of Rs 185 on 29 February 2016.

The large-cap company has equity capital of Rs 310.38 crore. Face value per share is Rs 2.

The foreign brokerage reportedly said that Ambuja Cements stock remains a play on cement upcycle and should be a beneficiary of better pricing in the North India.

Ambuja Cements' net profit fell 66.5% to Rs 109.96 crore on 1% decline in net sales to Rs 2355.81 crore in Q4 December 2015 over Q4 December 2014.

Ambuja Cements is engaged in manufacturing and marketing cement and clinker for both domestic and exports.

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