Mid-cap Picks with Anil Singhvi: Vikas Sethi's top stock to buy recommendation - Orient Cement
Top Stocks To Buy - Orient Cement: As Zee Business continues to track the mid cap space with a lot of fervour, Managing Editor Anil Singhvi brings for viewers one more top stock to buy, which is expected to give bumper gains to the investors. The Market Guru spoke to to technical analyst Vikas Sethi, Managing Director (MD), Sethi Finmart to reveal the pick
Top Stocks To Buy - Orient Cement: As Zee Business continues to track the mid cap space with a lot of fervour, Managing Editor Anil Singhvi brings for viewers one more top stock to buy, which is expected to give bumper gains to the investors. The Market Guru spoke to to technical analyst Vikas Sethi, Managing Director (MD), Sethi Finmart to reveal the pick.
Sethi picked a stock from the cement sector as his short term buy. He said that he considered Orient Cement as a very fine company with very reasonable valuations. The capacity of this company is 8 million tonnes. The stock is available at a replacement value of Rs 300 cr per million tonnes as against an average cost of Rs 700 cr per million tonne in the cement sector.
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This Birla Group company has investments from Rakesh Jhunjhunwala. The on-year profit for the March quarter of FY20 was Rs 44 cr as against a loss of Rs 5 cr during the corresponding period in FY19. He expected the June quarter results to be good. The company will declare its June quarter results on 28 July.
He recommends buying around the current levels of Rs 69. He puts the target price at Rs 80.
Lauding this stock, Singhvi said that Orient Cement was cheapest in terms of valuations in comparison to other cement stocks. What works for this share is that it is a Birla Group company, he added. The Market Guru said that the results for cement companies will be excellent this time.
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Today, the stock ended up by as much as 9.5 per cent on BSE from the previous close. It achieved an intraday high of Rs 70.10. Another analyst on the panel said that the stock was moving positively and may reach the target price of Rs 77-78 in the short term.
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