ACC, Ambuja Cements rally 2% after BofAML upgrades ratings
BofAML said ACC traded at 9.4x CY20 expected EBITDA, which is 11 percent below historical average and Ambuja Cements traded at 9.9x CY20 estimated EBITDA which is in-line with historical average.
ACC and Ambuja Cements rallied 2 percent intraday on July 12 after Bank of America Merrill Lynch upgraded and raised price targets.
The global brokerage house upgraded ACC to neutral from underperform rating and raised price target to Rs 1,695 from Rs 1,586,
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