Indian cement firms aim for Oct price hikes after Sept success - brokerages

ACC

03/10/2024 06:48

** Indian cement makers indicate more price raise attempts
in October after increasing prices in September, say brokerages
Jefferies and Systematix 
    ** Cos will attempt to recover prices which are at 3-yr lows
and after price rollback in August 
    ** Hike per bag across regions in range of 12 rupees
($0.1430) to 15 rupees - Systematix note 
    ** Jefferies says near-term earnings still at risk if more
hikes don't come through
    ** Adds south India worst-performing market in Sept and Q2;
regional dealers flag oversupply woes on dealmaking-led capacity
ramp-up 
    ** Both brokerages prefer market leader UltraTech  ULTC.NS ;
 Jefferies picks Ambuja  ABUJ.NS  while ACC  ACC.NS  and Sagar
Cements  SGRC.NS  are Systematix's choices in sector 
    ** On the day, ULTC up 0.5%, ABUJ down 0.4%, ACC flat and
SGRC down ~2% 
    
($1 = 83.9300 Indian rupees)

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))