Deutsche upgrades India Cements to buy

Cites favourable risk-reward on attractive valuations and improving returns on equity profile

Deutsche Bank has upgraded India Cements to "buy" from "hold", while cutting its target price to 106 rupees from 120 rupees, citing favourable risk-reward on attractive valuations and improving returns on equity profile.

The investment bank says India Cements is trading at the bottom of its 18-year range and looks to have factored in most of the negatives.

At 9:33 a.m. shares in India Cements were up 2.4 percent at 83 rupees.