Morgan Stanley downgrades ACC, other cement stocks

Says valuations already reflect expectations of firmer cement prices

Morgan Stanley cut its ratings on ACC and two other cement companies, saying valuations already reflect expectations of firmer cement prices and a "structurally positive" outlook for the sector.

Morgan Stanley cut its ratings on ACC, Ambuja Cements and UltraTech Cement to "equalweight" from "overweight", while cutting its view on the cement industry to "in-line" from "attractive."