Nomura has upgraded its rating on Shree Cement to Neutral from Buy and raised the target price to Rs 27,500 per share from the Rs 22,000 earlier.

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According to Nomura, strong Q2 and newer capacities will drive above industry volume growth for Shree Cement. The brokerage has raised its FY22 and FY23 earnings per share (EPS) by 12 percent and 13 percent.

It expects EPS growth of 35 percent on-year for FY21.

CNBC-TV18’s Nimesh Shah has more details.

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(Edited by : Ankit Gohel)