Sell Ambuja Cement, target Rs 230: UBS
UBS maintains sell rating on Ambuja Cements but slashed its 12- month target price to Rs 230 from Rs 215 earlier. The company is unlikely to undertake major expansion projects and acquire assets. The company continues to bid limestone auctions to bolster its long term plans, said the UBS note. The stock has largely factored in an earnings recovery over 2015-17E.
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