Karvy Stock Broking Limited has maintained ‘buy’ rating on ACC stock with an intraday target of Rs 535.

According to Karvy, interested traders can purchase the stock between Rs 510-515 with a strict stop loss of Rs 505. If the stock market remains on positive track, the stock pricing becomes more attractive, and reach above Rs 540.
 
Shares of the company, on Tuesday (Feb 03), closed at Rs 518.20 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 251438. Current EPS & P/E ratio stood at 71.59 and 7.35 respectively. The share price has seen a 52-week high of Rs 855 and a low of Rs 369 on BSE.

The stock has great potential to rise on the back of healthy growth plans and well-built operating capabilities. The stock, on Tuesday (Feb 3), has performed well and gained 25.15 points at Rs 518.20, as against its last closure at 493.05 on Monday (Feb 2). There are hopes that the stock will perform well in today’s session also.

On Tuesday, cement shares advanced on reporting strong dispatches during January 2009.

Aditya Birla Group January 2009 cement dispatches grew by 7.35% to 3 million tones. Aditya Birla Group companies Grasim industries surged 4.66% whereas Ultratech Cement increased 3.13%.

Ambuja Cements gained 1.73% and India Cements advanced 3.98%.

India’s biggest cement manufacturer by sales ACC gained 3.84% after it reported a 12.5% increase in January 2009 shipments from a year ago, to 1.89 million tonnes. The company, in which Swiss cement manufacturer Holcim holds an over 46% stake, said production zoomed to 1.87 million tonnes from 1.67 million tonnes a year earlier.

During the last month, ACC Limited has won the CNBC-TV18’s India Business Leaders Award in the category India Corporate Citizen of the Year 2008. The awards were presented by Accenture to honour the best in Indian business.

The Meeting of the company’s directors will be held on Thursday, 5th February 2009 to inter alia consider and sanction the Audited Accounts of the Company for the Financial Year ended December 31, 2008 and dividend, if any, to be recommended.

Other stocks from the same sector that looks good for short-term as well as long-term trading includes Ambuja Cements, India Cements and Ultra TechCement.