Sell Ambuja Cements - Indiabulls Securities (Report)

>> Friday, July 31, 2009

Indiabulls Securities Research has maintained its sell rating on Ambuja Cements in its July 30, 2009 research report.

"Ambuja Cements’ results for Q2’09 were a mixed bag. While net sales grew by 18.2% yoy led by a healthy growth in sales volumes and realisations, the EBITDA margin declined by 248 bps yoy and the adjusted net profit fell 3.7% yoy. Our revised fair value estimate of Rs. 92 per share reflects a 10.4% downside from the current market price; hence we maintain our Sell rating," says Indiabulls Securities' research report.