ICICI Direct is bullish on Shree Cement recommended buy rating on the stock with a target price of Rs 24,300 in its research report dated October 17, 2022 Shree Cement is the third largest cement group in India with domestic cement capacity of 46.4 MT as of FY22. In the past four years, it has diversified itself from a 100% North player to a player with capacities now in Rajasthan, Uttarakhand, Bihar, Chhattisgarh, Haryana, UP, Karnataka and Odisha. It also has a presence in UAE with integrated cement capacity of 4 MT and 3.3 MT clinker (located near port in Ras-Al-Khaimah) • Proximity to end user market, use of split grinding units and power capacity of 742 MW (Including 211 MW WHRS) makes it most efficient player in the Industry.

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