Ambuja, Shree Cement Among Nomura’s Top Picks As Cement Prices Rise In East, South
Nomura expects regional price hikes to support volume and margin gains for Ultratech Cement Ltd., Ambuja Cements Ltd., Shree Cement Ltd. and Ramco Cements Ltd., even as overall demand remained muted in April.
Dealer checks showed cement prices rose by Rs 12 and Rs 5 per bag month-on-month in May in the eastern and southern regions respectively, with hikes expected to sustain.
Prices were flat in the north and west, and down slightly in the central region. Dealers cited weak demand in April due to the harvest season, festivals and high temperatures, but expect a recovery from mid-May as labour availability improves.
East: The eastern region saw the sharpest price hike of Rs 12 per bag in May to Rs 346, led by a Rs 30 jump in Raipur. Dealers in Kolkata expect a further hike of Rs 10. First-quarter prices are up Rs 25 per bag quarter-on-quarter to Rs 340.
South: Prices in the south rose Rs 5 per bag month-on-month to Rs 354. In Hyderabad, prices climbed through April from Rs 325 to Rs 365 and held steady in May. First-quarter prices in the region are up Rs 30 per bag to Rs 351.
North, West, Central: Prices in the north and west stayed flat at Rs 363 and Rs 355 per bag respectively. A Rs 15 hike in Ludhiana during April did not sustain. In the central region, prices slipped Rs 3 per bag in May to Rs 367. All three regions saw flat pricing on a quarterly basis.
Dalmia Bharat Ltd. and Nuvoco Vistas Corp. were among firms with 'reduce' ratings from Nomura, on the back of weaker positioning and softer pricing trends.
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