Deutsche Bank downgrades ACC to 'hold'
MUMBAI (Reuters) - Deutsche Bank downgraded India's ACC Ltd (ACC.NS) to "hold" from "buy", saying October-December earnings had come below its forecast and noting lower demand and prices for cement are casting doubts about the health of the industry.
Deutsche also cut its price target on the stock to 1,315 rupees from 1,610 rupees.
ACC Ltd (ACC.NS) on Thursday reported a 49 percent fall in net profit for the October-December quarter.
(Reporting by Abhishek Vishnoi; Editing by Gopakumar Warrier)
- Tweet this
- Share this
- Digg this
Trending On Reuters
The government unveiled plans on Thursday to invest $137 billion in its decrepit rail network over the next five years, heralding Prime Minister Narendra Modi's aggressive approach to building infrastructure needed to unlock faster economic growth. Article | Full Coverage