Religare institutional Research has reiterated 'Buy' on Shree Cement with target price of Rs 6,200 from Rs 4,750 in its report.

Commenting on the investment rationale, the stock broker said, ''Shree Cement remains a favourite with 7-fold returns over the past five years led by a +75% increase in capacity and a sustained focus on profitability.

Further, as it enters the next phase of capacity expansion (and regional diversification), we believe SRCM would be a key beneficiary of high utilisation in its core markets (North India) as the demand cycle turns alongside improved political stability post-elections.

We raise earnings estimates and move to a new target price of Rs 6,200 (from Rs 4,750), set at 8x fwd EV/EBITDA from 7x earlier. Buy.''

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