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ICICI Securities Report
Cement channel checks have yet again assumed huge importance given the surprise price surge in East India (announcement of Rs 70/bag since the start of September 2023).
Our interaction with several sector experts and intermediaries across regions, over the past few days, point towards an improving cement price scenario.
With East India as a flag bearer, we gather that:
North and Central India have recently attempted hikes of Rs 10-15/bag and
there prevails a ripe expectation of a sharp spike in South and West India for October 2023.
Given the industry's poor track record to withstand sharp price hikes beyond a few months, sustainability of the recent hikes (in the face of upcoming festive season) remains key.
Even as our fundamental sector concerns remain intact, the hikes may improve sector sentiment in the near term.
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