ACC would be the biggest beneficiary of an improvement in the domestic economy due to its Pan-India presence and have one of the cheapest valuations compared to its peers. The recent modernization of Wadi and Chanda and upcoming commissioning of modernized Jamul plant should see improved efficiencies kicking in. Stock trades at EV/T of US$120 CY15E capacity, significantly lower compared to US$156 and US$160 of UTCEM and ACEM, respectively. We maintain our Buy rating with TP of Rs1,653 at EV/T of US$140 CY15E capacity of 34m tonnes.