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Cement Dispatches – September 2011
ACC’s dispatches for September 2011 stood at 1.73mn tonnes, up by decent 9.5% yoy,
aided by expansions at Wadi and Chanda. However, the company’s dispatches were down
by ~8% on mom basis. Ambuja Cements (Ambuja) posted moderate 2.3% yoy growth in
dispatches in September to 1.55mn tonnes. Ambuja’s dispatches were higher by 2.8% on
mom basis as well. Cement dispatches are expected to pick up in October 2011 post the
monsoons. Cement prices are also expected to witness a hike with increased dispatches.
At the CMP, ACC and Ambuja are trading at EV/tonne of US$120 and US$151,
respectively, on CY2012E capacity. We continue to remain Neutral on ACC and Ambuja.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Cement Dispatches – September 2011
ACC’s dispatches for September 2011 stood at 1.73mn tonnes, up by decent 9.5% yoy,
aided by expansions at Wadi and Chanda. However, the company’s dispatches were down
by ~8% on mom basis. Ambuja Cements (Ambuja) posted moderate 2.3% yoy growth in
dispatches in September to 1.55mn tonnes. Ambuja’s dispatches were higher by 2.8% on
mom basis as well. Cement dispatches are expected to pick up in October 2011 post the
monsoons. Cement prices are also expected to witness a hike with increased dispatches.
At the CMP, ACC and Ambuja are trading at EV/tonne of US$120 and US$151,
respectively, on CY2012E capacity. We continue to remain Neutral on ACC and Ambuja.
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