Deutsche upgrades India Cements on attractive valuations

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.

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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.

Reuters