India cement firms' volume growth likely slowed in Q3 on weak demand -Nomura

Ramco Cements

16/01/2024 09:15

** Indian cement makers volume growth likely slowed to 3%-5%
in Q3 from ~15% in Q2 due to weak demand, labor shortages and
state elections, says Nomura
    ** Estimates Dalmia Bharat  DALB.NS , Ambuja  ABUJ.NS  saw
no growth, while Nuvoco Vistas  NUVO.NS  vols shrank 10%
    ** Estimates Ramco Cements  TRCE.NS  and Shree Cement
 SHCM.NS  recorded industry-leading 9%-10% growth
    ** Shares of Ramco and Shree Cement up ~1% each on the day,
while UltraTech Cement  ULTC.NS  up 0.6%
    ** Nuvoco, Dalmia Bharat, Ambuja and ACC  ACC.NS  down
0.4%-1.5%
    ** Nomura adds cement prices moderated in Nov and Dec after
record price hikes in Oct
    ** Brokerage has a "reduce" rating on Ambuja and ACC, and a
"buy" rating on the other five stocks

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