Nomura expects Indian cement firms to go for more price hikes as fuel costs rise
BUZZ-Nomura expects Indian cement firms to go for more price hikes as fuel costs rise ** Nomura says Indian cement makers may need another round of price hikes in June to offset rising fuel and freight costs, with imported pet coke and thermal coal prices up 15%-16% q/q
** Adds that current price increases are insufficient to fully offset cost inflation
** Shares of Ambuja Cements ABUJ.NS up 0.60% at 437.55 rupees, Ramco Cements RAMC.NS gains 0.70% at 874 rupees, while UltraTech Cement ULTC.NS falls 0.52% to 11,175 rupees and Shree Cement SHCM.NS down 0.64% to 25,180 rupees
** Brokerage expects an average 5 rupee-per-bag cement price increase in June, led by North and West India
** YTD, ABUJ down 21.4%, RAMC slipped 6.8%, ULTC fell 5.2% and SHCM down 5.6%
(Reporting by Surbhi Misra in Bengaluru)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
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