Emkay Global positive on ACC, Ambuja, India Cement
Emkay Global Financial Services’ maintain its positive view on ACC, Ambuja, India Cement & Ultratech. January 2009 cement dispatches continued the momentum picked up over last two months and grew at a pace of 8.8% yoy to 16.13 million tonnes.
Emkay Global Financial Services’ report
January 2009 cement dispatches continued the momentum picked up over last two months and grew at a pace of 8.8% yoy to 16.13 million tonnes. The growth was on account of strong pick up in rural housing and also pick up in infrastructure projects. The low base for January 2008 also helped the growth. Month on month cement dispatches grew by 0.7%.
Dispatches growth of cement majors (ACC, Ambuja, Grasim & Ultratech) at 7.4% yoy was lower than that of industry average for the month of January 09. ACC with 12.5% yoy growth in dispatches topped the growth chart while Ultratech at 4.3% was at the bottom of the chart.
We maintain positive view on ACC, Ambuja, India Cement & Ultratech.
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