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Cement (Another month of moderate growth):
- Based on the initial set of cement despatch numbers, we estimate industry despatches would have increased at 0-3% YoY for December 2010.
- According to dealers, demand from the infrastructure segment has improved marginally, and this is likely to result in positive YoY volume growth for December 2010, against a decline of 6% YoY in November 2010.
- Cement prices have declined in most regions in the past one month as pricing discipline has waned, particularly from MNC cement companies offering higher discounts to meet year-end targets, according to dealers.
- We maintain our negative outlook on the sector, as we expect an increase in competition for market share to result in depressed margins for the sector.
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