Shares of cement maker Ambuja Cement Ltd rose as much as 7 percent to Rs 222.95, their highest since May 10. At 10.40 am, shares of Ambuja Cement traded at Rs 223.45, rising by 6.66 percent or adding Rs 13.95 in value on the BSE.

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The company reported 27 percent rise in Q2 net profit at Rs 499 crore ($72.6 million) on Wednesday, which exceeded analysts’ expectations of Rs 310 core, according to Thomson Reuters.

Brokerage firm CLSA has cut price target to Rs 300 from Rs 325 and maintains ‘buy’ rating.

Over 4.7 million shares changed hands in the first 30 minutes of trade, exceeding the 30-day average of around 3.5 million shares.

Of 38 brokerages covering stock, 17 have ‘buy’ or higher rating, 13 ‘hold’ and eight ‘sell’; median price target is Rs 245.

Ambuja Cement stock has shed 23.4 percent this year as of last close compared with rivals UltraTech Cement’s 6.4 percent fall and ACC Ltd’s 16.4 percent drop.

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