We had reinstated our coverage on Sagar Cements Ltd. with a Buy rating on July 30, 2019 at Rs.615 for a target price of Rs.772 showcasing an upside of ~26%. Subsequently, with the fall in the broader markets, the stock price witnessed a significant fall. During our previous result update (Q1 FY21), we had recommended a HOLD rating for the stock at the then prevailing price of Rs.485 for a lower target of Rs.562.
With the recent run-up in the share price following the robust quarterly performance, the stock is trading above our initial target price and significantly above our target price in previous result update dated August 05, 2020. Hence, we advise our investors to book profits at current levels as we close our recommendation on the stock and change our rating to NEUTRAL. At current levels, the stock has generated ~30% returns from our recommendation in July, 2019 and ~144% from previous BUY recommendation in June, 2020 at the then prevailing price of Rs.328.
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