Deutsche Bank downgrades ACC to 'hold'

Cites lower earnings, cement demand for downgrade

Deutsche Bank downgraded India's ACC Ltd to "hold" from "buy", saying October-December earnings had come below its forecast and noting lower demand and prices for cement are casting doubts about the health of the industry.

Deutsche also cut its price target on the stock to Rs 1,315 from Rs 1,610.

ACC Ltd on Thursday reported a 49% fall in net profit for the October-December quarter.