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Systematix Research Report
After a sustained five-month period of price cuts, cement companies in various regions have announced price hikes ranging from Rs 10-15 per bag in the north to Rs 40 per bag in the central and east.
While price hikes could be sharper in some regions, including southern India, dealers do not see these sustaining and expect hikes of only around Rs 10-20 to hold up.
We expect FY24 growth to slighty moderate due to soft demand amid general elections and labour shortages. Inventory in the system is at a higher level and we expect price hikes to get absorbed post-election.
However, we remain upbeat on long term growth prospect of the sector on the back of strong underlying demand with economic impetus and government's mammoth expansion plans.
UltraTech Cement Ltd., ACC Ltd. and Sagar Cements Ltd. continue to remain our top picks within the coverage universe.
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