Sep 30, 2013, 06.12 PM IST
All-India cement dispatch growth continues to remain tepid due to sluggish demand from the housing and infra segments on account of key issues like rising cost of capital, land acquisition & clearances and unavailability of key raw materials like coal for the manufacturing industry: ICICIdirect.
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Cement dispatch growth continues to stay tepid: ICICIdirect
All-India cement dispatch growth continues to remain tepid due to sluggish demand from the housing and infra segments on account of key issues like rising cost of capital, land acquisition & clearances and unavailability of key raw materials like coal for the manufacturing industry: ICICIdirect.
Like this story, share it with millions of investors on M3
Cement dispatch growth continues to stay tepid: ICICIdirect
All-India cement dispatch growth continues to remain tepid due to sluggish demand from the housing and infra segments on account of key issues like rising cost of capital, land acquisition & clearances and unavailability of key raw materials like coal for the manufacturing industry: ICICIdirect.
"All-India cement prices rose in September breaking the two-month downward trend after prices touched a yearly high of Rs 308/bag in June. All-India average prices settled at Rs 299/bag in September vs. Rs 293/bag in August. All major companies adopted aggressive price hike strategies, which led to prices rising by as much as by Rs 50-60/bag in certain markets from the monthly lows. Southern markets fired up the pricing trend with average price in these markets rising by Rs 26/bag taking the region's average to a yearly high of Rs 335/bag. The other region, which led the price hike was the western region where prices rose by Rs 15/bag taking the region's average price to Rs 309/bag. The northern region saw prices rising by Rs 10/bag to Rs 280/bag. However, the eastern & central markets continued to be laggards where prices fell continuously for the third month in a row. Demand at the moment is sagging and the recovery trend also looks uncertain across markets barring some northern markets. With this reversal in the pricing trend, all-India average cement prices stood at Rs 299/bag, a rise of ~Rs 6/bag MoM. On a YoY basis, prices are up by Rs 13/bag. According to dealers, prices will continue to rise as demand recovery is expected in certain pockets."
Earnings disappointment to continue; remain cautious: "All-India cement dispatch growth continues to remain tepid due to sluggish demand from the housing and infra segments on account of key issues like rising cost of capital, land acquisition & clearances and unavailability of key raw materials like coal for the manufacturing industry. Also, government led demand push growth remained muted. The operating environment continues to remain challenging for the sector both in terms of poor demand and high cost structure. We believe the premium valuations of a few large cap cement companies like Ambuja Cements and UltraTech Cement are unjustified given the present situation. However, the higher replacement costs and market leadership of these companies are keeping them at rich valuations. We remain positive on select midcap companies due to attractive valuations on an EV/tonne basis," says ICICIdirect.com research report.
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