Jefferies Upgrade Ambuja to Buy, TP Rs 620
Retain Buy on ACC, TP Rs 3030
Group synergy benefits should start coming in from Dec-22 qtr & accelerate over next 1-3 yrs
Raise consol EBITDA est for Ambuja by 20%/30% for FY24/FY25 on higher vols & EBITDA/T assumption
