Buy Grasim Cement

By CROW -
Buy Grasim Cement and target Rs 3558

Grasim’s core businesses – cement and VSF – are witnessing strong business upcycle. The performance of its sponge iron and chemicals businesses is also set to improve. We estimate EPS at Rs281.7 for FY08 and Rs274.7 for FY09. Our SOTP-based valuation of Rs3,558 indicates an upside of 21%. We reiterate

Buy. Cement – timely capacity addition to drive growth:

With inflation waning, we see signs of attenuation of state intervention in cement pricing. Demand-supply remains in the industry’s favor, and given the strong demand drivers and possible delays in new capacity additions, the upturn in the cement cycle could be prolonged. Grasim's timely capacity addition would help drive volume growth, and cost cutting would enhance competitiveness.

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