Nomura has reaffirmed its buy rating on Ambuja Cements, assigning a target price of ₹760, representing a 35.4% upside from the current market price of ₹561. The company’s acquisition of a 46.8% stake in Orient Cement strengthens Ambuja’s position in the Southern market. This acquisition brings significant limestone reserves of over 250 million tons, providing a resource base with a lifespan of more than 30 years. While the acquisition is positive for Ambuja, it could pressure cement prices in the mid-term.
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