Buy Shree Cements, target price Rs 30,350: Yes Securities

Yes Securities has buy call on Shree Cements with a target price of Rs 30,350. The current market price of Shree Cements is Rs 29,254.25.

Shree Cements Ltd., incorporated in the year 1979, is a Large Cap company (having a market cap of Rs 105496.68 Crore) operating in Cement sector.

Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 4333.37 Crore, up 18.74 % from last quarter Total Income of Rs 3649.38 Crore and up 23.34 % from last year same quarter Total Income of Rs 3513.31 Crore. Company reported net profit after tax of Rs 799.79 Crore in latest quarter.

Investment Rationale
The stock has resumed its uptrend after breaking out of a bullish flag pattern on good volumes, confirming bullishness. Technical indicators are also in bull territory, confirming strength in the stock.

Promoter/FII Holdings
Promoters held 62.6 per cent stake in the company as of June 30, 2020, while FIIs held 13.2 per cent, DIIs 9.9 per cent and public and others 14.3 per cent.