Stock market analyst Shrikant Chouhan of Kotak Securities has maintained 'hold' rating on Ambuja Cements Ltd stock with target of Rs 123.

According to analyst, the stock has support at Rs 110.

Today, the stock opened at Rs 115 on the Bombay Stock Exchange (BSE).

Current EPS & P/E ratio stood at 9.14 and 12.48 respectively.

The share price has seen a 52-week high of Rs 125.60 and a low of Rs 82 on BSE.

On the back of increased sales, Ambuja cement today recorded an increase of 20.5% in its net profit, which stood at Rs 391 crore for the three month period ended June 30, 2010.

The company's net profit during the same period of 2009 was Rs 325 crore.

During the quarter under review, the company's net sales increased by 10.8% to Rs 2,048 crore as compared to Rs 1,847 crore during the year-ago period.

The company announced that cement production during the second quarter of 2010-11 grew by 12.7% to 5.5 million tones as against 4.9 million tonnes for the same quarter last year.

Besides, Ambuja Cements Ltd has declared that its directors announced payment of interim dividend of 60% on the company's equity shares i. e. Rs 1.2 a share.