Macquarie on ACC & Ambuja
Upgrade to Out Perform
$2.5bn fund infusion & plans to double capacity will see Ambuja’s growth profile re-rate
Raise CY22E & CY23E EBITDA for Ambuja by 5% & 6% & for ACC by 4% and 7%
Ambuja – TP Rs 580 & ACC – TP Rs 2985
