Cement stock hits 52-week high ahead of Q4 results today. Do you own? | Mint
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Business News/ Markets / Stock Markets/  Cement stock hits 52-week high ahead of Q4 results today. Do you own?
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Cement stock hits 52-week high ahead of Q4 results today. Do you own?

Cement stock has presence in north ease and it garners near 20 per cent of its business from the region as no big cement player is operating there

Cement stock may go up to ₹165 apiece levels once it breaches ₹140 resistance on closing basis, say experts. (Bloomberg)Premium
Cement stock may go up to 165 apiece levels once it breaches 140 resistance on closing basis, say experts. (Bloomberg)

Q4 results today: Ahead of fourth quarter results announcement for the financial year 2022-23, Star Cement share price today hit intraday high of 133 apiece on BSE in early morning session. Star Cement share price today opened at 133, which remained its intraday high till 12:38 PM. However, after gap up opening Star Cement share price witnessed profit booking and the stock tumbled from its new 52-week high and hit intraday low of 126.30 apiece on BSE.

According to stock market experts, market is expecting strong Q4 numbers from Star Cement as the cement company has good exposure in north ease where infrastructural development is going to provide sustained business volume and growth to the company. So, Star Cement share price has slightly priced-in ahead of the Q4 results and in case the results is better than market expectations, then we can see more upside in this cement stock, say experts.

Speaking on the reasons that are fueling Star Cement share price today, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Star Cement shares are rising ahead of Q4 results today as the stock has priced-in ahead of the quarterly results as market is expecting strong quarterly numbers from this small-cap stock. It garners around one fifth of its business volume from north ease as a huge number of infrastructure projects are going on in the region. The cement company is getting benefit of no big player big present in the region."

Advising 'buy and hold' strategy in regard to Star Cement shares, Sumeet Bagadia, Executive Director at Choice Broking said, "One can buy and hold the stock for near term target of 140 apiece levels. However, one must maintain stop loss at 120 while taking any position in the scrip."

 

Advising positional investors to add this cement scrip in one's portfolio, Anuj Gupta, Vice President — Research at IIFL Securities said, "Star Cement share price has strong support placed at 110 followed by 90. One can buy the scrip at current levels and keep on accumulating till it is above 110 levels. The stock is facing resistance at 140 but once it breaches this resistance on closing basis, it may soon go up to 165 apiece levels."

Star Cement Q4 results 2023 date

Informing Indian bourses about the Q4 results date, Star Cement said, "The meeting of the Board of Directors of the Company is scheduled on 19/05/2023 ,inter alia, to consider and approve and take on record the Audited Standalone and Consolidated Financial Results of the Company for the fourth quarter and year ended 31st March, 2023. Further to our letter dated 28th March, 2023 and in terms of the Company's 'Code of Internal Procedures and Conduct for Regulating, Monitoring and Reporting of Trading by Designated Persons', the trading window for dealing in the securities of the Company has been already closed for all Directors, Officers, Designated persons and their immediate relatives of the Company w.e.f. 01st April, 2023 till the end of 48 hours after the Audited Standalone and Consolidated Financial Results for the fourth quarter and year ended 31st March, 2023 are approved and filed with the Stock Exchanges, therefore, Trading Window will reopen on 22nd May, 2023."

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 19 May 2023, 01:12 PM IST
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