Morgan Stanley downgrades ACC, other cement stocks
MUMBAI (Reuters) - Morgan Stanley cut its ratings on ACC(ACC.NS) and two other cement companies to "equalweight" from "overweight", saying valuations already reflect expectations of firmer cement prices and a "structurally positive" outlook for the sector.
Morgan Stanley cut its ratings on ACC, Ambuja Cements(ABUJ.NS) and UltraTech Cement (ULTC.NS) to "equalweight" from "overweight", while cutting its view on the cement industry to "in-line" from "attractive."
(Reporting by Mumbai markets team; Editing by Subhranshu Sahu)
- Tweet this
- Share this
- Digg this
Trending On Reuters
The government sold a 10 percent stake in state-run behemoth Coal India on Friday, in a bumper sale which saw demand from institutional investors marginally exceed supply, giving a welcome boost to the government's faltering divestment drive. Full Article