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.
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