Cement stocks rally as ACC surprises with strong quarter in
turbulent times
Cement stocks have gained 5-13% since the market opening today.
Led by ACC’s strong performance reported yesterday, all the stocks are seen to
have a strong rally. ACC jumped 12.8% followed by India Cements (9.2%), Sagar
Cement (8.7%) and Ambuja (7.9%).
ACC’s 2QCY18 results were significantly ahead of expectations on
the back of higher realisations, led by increased sales in the eastern region
and higher share of premium products. Company’s realistion was up by ~4% yoy;
while volume growth at 7% was broadly in-line with estimates. Against the
street expectation of significant decline in EBITDA by 22% on yoy basis, ACC
reported mere 1.9% yoy decline. Beat in EBITDA was led by premiumisation and
various cost control measures undertaken by the company (reduction in lead
distance by 2%, higher home market sales, route optimisation & improvement
in energy efficiency and higher usage of industrial waste). Resultantly PAT was
up by 1% yoy (25% beat).
Alkem gets EIR at Daman, revise price target to Rs2,320
In line with expectations, Alkem has received establishment
inspection report at its Daman facility. The plant had received 13 observations
at this facility in March 2019 USFDA inspection with six repeat observations.
Most observations were of routine in nature and there was no data integrity
issue. The stock had corrected 16-17% post the USFDA observations. Post this
event, we had cut the target price on Alkem.
Post the USFDA action, Alkem had sent the detailed corrective and
preventive action (CAPA) plan to the regulator within the stipulated timelines.
Maruti Suzuki clocks 20 mn production
Maruti Suzuki India Ltd (MSIL) today announced that it has crossed
production of 20 mn vehicles in India at its Gurugram and Manesar facilities.
The distinctive feat, achieved first time by a car maker in the country, has
been attained in 34 years and 6 months since start of production in December
1983.
Maruti Suzuki had achieved the 1 million production in March 1994,
nearly after a decade after start of manufacturing cars. The 5 million
milestone was achieved in April 2005, while 10 million was hit in March 2011.
In the next seven years, the Company achieved 20 million production milestone.
Cyient to develop system for sustainable operation, management
of water for Varanasi
Cyient, a global provider of engineering, manufacturing,
geospatial, networks, and operations management services to global industry
leaders, announced that it has been selected as a consultant by the Varanasi
Nagar Nigam (VNN) to develop the Geographical Information System and Management
Information System for the city of Varanasi.
The project is part of the Institutional Development Program,
financed by the Japan International Cooperation Agency (JICA), under the Ganga
Action Plan-II. The National Mission for Clean Ganga (NMCG) and the Ministry of
Water Resources, River Development, and Ganga Rejuvenation are spearheading the
project. Its is expected to be completed within 12 months.
Sterlite Tech’s subsidiary completes the acquisition of
Metallurgica Bresciana
Fibre optic cable manufacturing company Sterlite Tech’s
wholly-owned subsidiary Sterlite Technologies S.p.A. has completed the process
of acquiring Metallurgica Bresciana, a European specialized optical cable
manufacturer based in Italy. In a BSE filing, Sterlite Tech claimed that the
acquisition was completed on July 20, 2018. This entire deal was completed in
an all-cash deal for €47mn.
Metallurgica Bresciana, which has operations in Italy and China,
designs and manufactures special precision optical fibre cables and specialized
copper cables for various communication applications.
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