Dalmia Bharat Share Price: Dalmia Bharat shares dropped significantly on Tuesday, December 13, day after the company inked a pact to acquire cement assets of Jaypee Group's flagship company Jaiprakash Associates Limited and its associate firms for Rs 5,666 crore.

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The stock opened at Rs 1,925 apiece on NSE, jumping 1 per cent from the previous close of Rs 1906.30. However, the stock surrendered the gains to trade in negative bias, crashing more than 5 per cent to hit the day's low of Rs 1806. At 11:35 AM, the counter quoted Rs 1851 on NSE and Rs 1855 on BSE.

Brokerages are mixed on Dalmia Bharat and revised targets post the deal.

CLSA and Morgan Stanley in their reports have maintained Outperform rating on the stock. CLSA has raised the target to Rs 2100 from Rs 1810. It said that the deal addresses geographical concentration risk for the company and expedites the journey toward target capacity.

Morgan Stanley said that the deal will help diversify its geographical footprint and is also a step towards management’s vision of making Dalmia a pan-India player.

Jefferies tagged a buy rating with a target of Rs 2060, saying the acquisition will enable the company to emerge as a pan-India player. Citi, on the other hand, maintained a Neutral rating with a price target of Rs 1650.

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