Industry Report: Cement March 2009

Research report by 'Ventura Securities Ltd'
     
The ongoing crisis & global slowdown has resulted in sharp erosion in valuations of cement companies in most cases as much as 65%. Notwithstanding the slowdown, the cement sector is likely to witness
continued investments next year. The infrastructure thrust expected in the second half of this calendar year will boost the prospects of companies. The infrastructure led consumption growth will partly offset high
capacity expansion and probable pressure on realizations & margins in FY10. We believe the industry is due for a re-rating from its present value. We have positive outlook on the industry with Madras Cement
as our top pick.

   
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