Downgrade Warning

Construction workers work at a site as the sun sets in the northern Indian city of Chandigarh December 16, 2006. REUTERS/Ajay Verma/Files

S&P affirms negative outlook on India, says chances of downgrade remain

Ratings agency Standard & Poor's affirmed India's sovereign rating at "BBB-minus" with a "negative" outlook, reiterating there was a one-in-three chance of a ratings downgrade over the next 12 months, a statement said on Friday.  Full Article 

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MARKET EYE-India's Ultratech Cement shares down on Q3 earnings

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Mon Jan 21, 2013 11:36am IST 

* Shares in UltraTech Cement Ltd fell 2 percent after
the cement maker reported a 3 percent fall in October-December
net profit at 6 billion rupees on Saturday. 
* UltraTech continues to struggle with capacity utilization and
no volume growth, Kotak Securities said in a note, even as
market consensus is for higher volumes growth from expanded
capacities in the sector by fiscal 2014.
* Other cement players fall: ACC Ltd  declines 1.35
percent, Ambuja Cements Ltd retreats 2 percent.
* Cement makers have been hit by concerns about rising operating
costs as the government last week said bulk buyers would pay
market rates for diesel. 

 (manoj.dharra@thomsonreuters.com;
manoj.dharra.thomsonreuters.com@reuters.net)
India Markets
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