Morgan Stanley: ACC, Indian cement stock ratings downgraded over valuation
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Morgan Stanley cut its ratings on ACC Ltd and two other Indian cement companies' stocks to "equalweight" from "overweight", saying valuations already reflect expectations of firmer cement prices and a "structurally positive" outlook for the sector.
Morgan Stanley cut its ratings on ACC, Ambuja Cements Ltd and UltraTech Cement Ltd to "equalweight" from "overweight", while cutting its view on the cement industry to "in-line" from "attractive."