latest rating by macquarie , page-2

somehow I think explosives used for mining have a much more substantial impact on earnings than a few quarries used for housing... the recent uplift in coal prices would have a much bigger impact, particularly for Dyno in the US with significant sales dedicated to East Coast coal mines.

My view is that IPL's SP is linked/correlated to overall commodity prices, both hard & soft. If you expect commodity prices to increase on a medium to longer term basis, globally, then you would have a position in IPL to leverage the subsequent changes in commodity volumes. But then again Macquarie have much more higher paid analysts, so I am mostly likely wrong ;-)