MARKET EYE-BoA-Merrill upgrades India's cement stocks to 'buy'
* 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.' (firstname.lastname@example.org /; email@example.com)
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The Congress party was headed for a bruising defeat in key state elections, including in the capital, early results showed on Sunday, underlining the struggle it will face to cling to power in a national election due by May. Full Article