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Nirmal Bang Report
Demand in H2 FY24 to remain moderate and we believes FY24 demand will close in the range of 8-9%.
Fuel prices in the beginning of H2 FY24 have firmed up and we believe the impact will be seen in Q4 FY24.
We do not see any major improvement in pricing in the subsequent quarter. Price increase in FY24 should be ~1-2% on the back of premiumisation, product mix and trade: non-trade mix.
Consolidation in the Indian cement sector is gaining momentum, with major players like Ultratech Cement Ltd. and Ambuja Cement Ltd. strategically acquiring capacities, driving increased market share and dominance while also eyeing stressed assets and greenfield initiatives for further expansion.
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