Deutsche Bank has upgraded India Cements to "buy" from "hold", while cutting its target price to Rs 106 from Rs 120, and cited favourable risk-reward on attractive valuations and improving returns on equity profile.
The investment bank has said India Cements was trading at the bottom of its 18-year range and looks to have factored in most of the negatives.
At 9:33 a.m. shares in India Cements were up 2.4 percent at Rs 83.
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Updated Date: Dec 20, 2014 19:47:49 IST