ICICI Direct Lists 2 Cement Stocks As Top Picks, Recommends Buy For High Gains, Dividend Income

Brokerage firm ICICI Direct in its recent report on the Cement sector has listed JK Cement Ltd. and Ambuja Cements Ltd. as Top Picks. The brokerage has assigned Buy on the stocks with attractive target prices, claiming a decent upside of up to 16% from its current level. Both the stock has delivered over 100% return in the past 3 years. Both the stocks recommends dividend for the financial year 2022-23. Check below to know more:

JK Cement Ltd.

ICICI Direct has assigned a target price of Rs. 3,780/share to the stock. With the given target price and the current market price of the stock, it is likely to give a decent return of up to 16%.

It is a Midcap stock with a market capitalisation of Rs. 25,367.94 crore.

The stock last traded at Rs. 3,283.10/share, up 1.24% from its previous close on NSE. It jumped 9.33% in 1 month. In 1 year, it gave 58.06% positive return. In the past 3 and 5 years, it gave 180.38% positive return and 258.32% positive return, respectively.

It traded its 52 week high at Rs. 3,324/share and 52 week low at Rs. 2,003.70/share, respectively.

Dividend

The Board of Directors of the company on May 27, 2023, recommended a dividend at the rate of Rs. 15/share i.e. 150% of Rs. 10 each for the financial year 2022-23.

"Recommended Dividend at the rate of Rs.15 per equity share (i.e. 150%) of Rs. 10 each (fully paid up) for the Financial Year 2022-23 for the approval by the Shareholders at the 29th Annual General Meeting of the Company, the company said in an exchange filing.

Ambuja Cements Ltd.

The brokerage assigns Rs 525/share target price on the stock of Ambuja Cement with a Buy call. It is likely to give up to 16% return if it is purchased at the current market price, considering the given target price.

It is Adani Group's large-cap company having a market capitalisation of Rs. 90,495.78 crore.

On NSE, the stock last traded at Rs. 455.75/share, down 0.74% from its previous close. It jumped 7.59% in 1 week and 13.78% in 1 month, respectively. It has given 25.43% positive return in 1 year, 133.6% in 3 years and 121.24% in 5 years, respectively.

The stock's 52 week low is Rs. 315.30/share and 52 week high is Rs. 598/share, respectively.

Dividend & Record Date

The Board of Directors of the company in a meeting held on May 02, 2023, recommended a dividend of Rs. 2.50/share of Rs. 2 each for the financial year 2022-23.

The company said in an exchange filing, "recommended payment of final dividend of Rs. 2.50 (Rupees Two and Fifty Paise Only) per Equity Share of Rs. 2/- each (fully paid-up) for the financial year ended March 31, 2023 and the same shall be payable subject to approval of the Shareholders at the ensuing Annual General Meeting ('AGM') of the Company. The final dividend, as recommended by the Board of Directors, if approved at the AGM will be paid on or after 25th July 2023."

In addition, it fixes 07 July 2023, as the record date for the recommended dividend.

In the regulatory filing, it said, "We also wish to inform you that the Board has fixed the record date as Friday 07th July 2023 for the purpose of determining the entitlement of dividend for the financial year ended March 31, 2023. Accordingly, the final dividend, if approved by the Shareholders at the AGM of the Company will be made payable to those Members whose names stand on the Register of Members as on 07th July 2023."

Disclaimer - The stocks have been picked from the brokerage reports of ICICI Direct. Greynium Information Technologies, the Author, and the respective Brokerage house are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to consult with certified experts before making any investment decision.