Ambuja Cements profit may lag estimates - StarMine

Reuters Market Eye - India's Ambuja Cements Ltd may miss profit consensus forecast for the April-June quarter when it reports results on Wednesday, according to Thomson Reuters StarMine data.

StarMine's SmartEstimates, which places greater emphasis on forecasts by top-rated analysts, expects Ambuja Cements to report a profit of 3.19 billion rupees for the quarter, compared with a consensus mean estimate of 3.42 billion rupees.

Credit Suisse also downgraded the stock to "neutral" from "outperform" on Monday, while adding that growth in cement demand in the April-June quarter was weak and it expects profits for Indian cement majors to decline by 25-35 percent for the period.

 

Shares in Ambuja Cements are down 0.78 percent at 1.55 p.m.

(Reporting by Abhishek Vishnoi)