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JK Lakshmi Cement gains after June quarter profit

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World Cement,

Reuters is reporting that JK Lakshmi Cement Ltd has risen as much as 3.7% to 454 rupees.

The company swung to a June quarter profit, boosted by an increase in cement prices in its key north India market.

JK Lakshmi will continue to report improved realisations, as its key northern market saw another round of price increase in July.

The brokerage, however, downgraded the stock to "Add" from "Buy" after a 30% rally over past 3 months, raising the price target to 480 rupees from 410 rupees.

The stock trades at premium to peers on valuation metrics such as EV/Sales, PE, and price/book over next 12 months.

Edited from sources by Joseph Green. Source: Reuters

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