Credit Suisse ups Ambuja Cements

Credit Suisse upgrades Ambuja Cements to "outperform" from "neutral", citing the company's exposure to northern India, a region where the investment bank says low new supply and higher existing capacity are keeping cement prices high.

Credit Suisse also mentions "more compelling" valuations and improving recovery in margins and demand growth for the sector as reasons for its upgrade in a report on Tuesday.

Ambuja Cements shares are up 2 % as of 2:10 p.m.