Deutsche Bank downgrades ACC to 'hold'

Last Updated: Fri, Feb 08, 2013 03:49 hrs
An investor watches the share index at a local share and stock market in the northern Indian city of Chandigarh

Deutsche Bank downgraded India's ACC Ltd 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 on Thursday reported a 49 percent fall in net profit for the October-December quarter.

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