MARKET EYE-BoA-Merrill upgrades India's cement stocks to 'buy'

Fri Dec 14, 2012 1:40pm IST

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A statue of the Ganesh, the deity of prosperity, is carried in a taxi to a place of worship on the first day of the ten-day-long Ganesh Chaturthi festival in Mumbai August 29, 2014. REUTERS/Danish Siddiqui

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* Bank of America-Merrill Lynch upgrades its rating across
cement stocks to 'buy' from 'neutral' or 'underperform', saying 
capacity will lag demand, while valuations are below previous up
cycles.
* The investment adds general elections in the next 18 months
bode well for the Indian cement sector given the demand-GDP
multiplier expanded in four out of the five previous election
years. 
* Among the major cement manufacturers, Bank of America upgraded
UltraTech Cement and Ambuja Cements to 'buy'
from 'underperform.'
* Among midcap stocks, Shree Cement was raised to
'buy' from 'neutral', while India Cements was upgraded
to 'buy' from 'underperform.'

 (abhishek.vishnoi@thomsonreuters.com /;
abhishek.vishnoi.reuters.com@reuters.net)
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