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Cement Update
Overall dispatch growth declines 0.7%; South drops 14%
Overall production marginally rose 0.4%, while dispatch growth
declined 0.7% in Dec ’10. Dispatches grew in the range of 3-9% in
most regions, except South, where they declined 14% leading to a
drop in pan-India dispatches.
Utilization levels improve. All-India capacity utilization for Dec ’10
was 78% (88% yoy, 67% mom). At 59%, the South recorded the
lowest and at 104%, the Central the highest utilization. No new
capacity was added during the month and installed capacity stood at
267m tons.
Top-4 companies post 5% volume growth. Combined volumes of
the top-4 cement companies for Dec ’10 rose 5% yoy, mainly owing
to strong performance by JP Associates (up 24%). Outperformers in
terms of volume growth were Prism Cement, JP Associates, JK
Cement, OCL India and Ambuja.
Prices rise in most regions. Prices in Jan ’11 increased Rs10-15 a
bag in all regions except southern India, where they were stable.
Dealers expect another price hike announcement soon in most
regions. Demand growth during January was slow, largely due to
shrinking demand from government and real-estate projects as well as
owing to labour shortage in some regions. Dealers expect demand to
pick up by February.
Note: Data for ACC & Ambuja not available with the CMA. Cumulative figures taken from ACC & Ambuja
and regional figures from assumptions based on the 1QFY10 trend for ACC and Ambuja.
India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
Cement Update
Overall dispatch growth declines 0.7%; South drops 14%
Overall production marginally rose 0.4%, while dispatch growth
declined 0.7% in Dec ’10. Dispatches grew in the range of 3-9% in
most regions, except South, where they declined 14% leading to a
drop in pan-India dispatches.
Utilization levels improve. All-India capacity utilization for Dec ’10
was 78% (88% yoy, 67% mom). At 59%, the South recorded the
lowest and at 104%, the Central the highest utilization. No new
capacity was added during the month and installed capacity stood at
267m tons.
Top-4 companies post 5% volume growth. Combined volumes of
the top-4 cement companies for Dec ’10 rose 5% yoy, mainly owing
to strong performance by JP Associates (up 24%). Outperformers in
terms of volume growth were Prism Cement, JP Associates, JK
Cement, OCL India and Ambuja.
Prices rise in most regions. Prices in Jan ’11 increased Rs10-15 a
bag in all regions except southern India, where they were stable.
Dealers expect another price hike announcement soon in most
regions. Demand growth during January was slow, largely due to
shrinking demand from government and real-estate projects as well as
owing to labour shortage in some regions. Dealers expect demand to
pick up by February.
Note: Data for ACC & Ambuja not available with the CMA. Cumulative figures taken from ACC & Ambuja
and regional figures from assumptions based on the 1QFY10 trend for ACC and Ambuja.
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