Cement prices recover in April as south India climbs out of lull, Jefferies says

Ultratech Cement

02/05/2025 03:42

** Jefferies says pan-India cement prices rose 3% m/m in April, aided by sharp increase in south markets

** Sees prices rising ~3% y/y in FY26 after two years of 2%-6% decline

** South markets, after ~1.5 years of lull, get 11% m/m price rise driven by production discipline - note cites dealers

** Adds east region sees 3% m/m rise, west markets tepid but north and central regions push back hike attempts

** Says "continue to prefer" Shree Cement SHCM.NS, J K Cement JKCE.NS and UltraTech Cement ULTC.NS

** As of last close, ULTC up ~2% this year; SHCM and JKCE gains ~16% and 11%, respectively

 (Reporting by Hritam Mukherjee in Bengaluru)

 ((Hritam.Mukherjee@thomsonreuters.com;))