April 9, 2013 / 8:53 AM / 4 years ago

Credit Suisse ups Ambuja Cements

A woman labourer carries cement to build a sidewalk on Bombay's popular sea-front promenade in the financial district on May 30, 2004.Desmond Boylan/Files

Reuters Market Eye - Credit Suisse upgrades Ambuja Cements(ABUJ.NS) to "outperform" from "neutral", citing the company's exposure to northern India, a region where the investment bank says low new supply and higher existing capacity are keeping cement prices high.

Credit Suisse also mentions "more compelling" valuations and improving recovery in margins and demand growth for the sector as reasons for its upgrade in a report on Tuesday.

Ambuja Cements shares are up 2 percent as of 2:10 p.m.

Reporting by Subhadip Sircar

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