Q4 net falls 6.9 percent, lags forecast
Larsen and Toubro Ltd (L&T) posted a worse-than-expected 6.9 percent fall in quarterly profit as interest costs jumped for India's biggest engineering and construction company. Article | Full Coverage
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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.' (abhishek.vishnoi@thomsonreuters.com /; abhishek.vishnoi.reuters.com@reuters.net)
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