Citi has maintained its ‘Buy’ rating on Ultratech Cement with a target price of ₹12,500, implying a 9% upside from the current market price (CMP) of ₹11,460.95.
The brokerage noted that Ultratech Cement has received unconditional approval from the Competition Commission of India (CCI) for its acquisition of India Cements Ltd. and the subsequent open offer.
Citi added that it would await further details on Ultratech’s investment plans to enhance the operational efficiency of India Cements’ plants. This acquisition is expected to strengthen Ultratech Cement’s foothold in the Indian cement industry.
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