India's cement makers up on hopes of profit, demand growth in FY24 second half

Nuvoco Vistas

28/11/2023 06:53

** Shares of Ultratech Cement  ULTC.NS , ACC  ACC.NS ,
Ambuja Cements  ABUJ.NS , Nuvoco Vistas Corporation  NUVO.NS ,
Grasim Industries  GRAS.NS  rise between 0.4% and 5%
    ** Citi reiterates "buy" on cement makers' stocks
    ** ACC, ABUJ, ULTC, Shree Cement  SHCM.NS  and Dalmia Bharat
 DALB.NS  will account for 84% additional supply over next four
years - Citi
    ** Expects operating profit or earnings before interest,
tax, depreciation and amortisation (EBITDA) per ton to expand in
the second half of fiscal 2024
    ** Expects cement demand to grow at 10% in fiscal 2024; adds
further demand growth will depend on utilisation levels
    ** ACC, ABUJ rise also in sync with the uptick in other
Adani group companies
 
   

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Citi's recommendations on India's cement manufacturers    https://tmsnrt.rs/3QVhfSF
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 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))