Cement Sector Update; Demand sluggishness impacting cement prices ::Emkay

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Cement Sector Update; Demand sluggishness impacting cement prices

n    Cement prices see cuts of Rs5-10/bag across India - Subdued demand growth and easing logistical bottlenecks impacting cement prices

n    Hyderabad see cuts of Rs10-15/bag, other southern cities see Rs5/bag decline. Central & Western region also see Rs9-10/bag decline

n    Our concern that in the absence of solid demand growth sustainability of cement prices remains uncertain is clearly reflected in the recent price trends

n    Maintain our neutral stance on the sector. REDUCE ratings on Ambuja Cement & Ultratech Cement. Prefer ACC and Grasim