With strong performance and positive outlook, we upgrade our rating on the stock to BUY with revised target price of Rs. 1,747 based on rollforward valuation multiple of ~11.0x CY20E EV/EBITDA. Improved product mix with strong realisation ACC registered revenue growth of 7.8% YoY to Rs. 4,150cr in Q2CY19. Cement business contributed 93.0% of total sales (+7.3% YoY), followed by Ready-mix concrete (+14.1% YoY). Cement sales volume remained stable YoY at 7.2mn tonnes, whereas RMC volume grew 10.4% YoY to 0.85mn cubic metres helped by contribution from eight new RMC plants. Q2CY19 EBITDA totalled Rs. 783cr (vs Rs. 625cr in Q2CY18),...