ICICI Securities: Cement Demand, Prices Improve Further In October
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ICICI Securities Report
Our channel checks suggest cement demand has further improved by 8-10% month-on-month in October 2020 on the back of approximately 20% month-on-month improvement seen during September 2020.
This would translate to mid-teens YoY growth for October 2020 on low base (down approximately 8% YoY during October 2019) due to shift of festive holidays to November 2020 this year.
Management as well as consensus commentaries on FY21E demand outlook are likely to turn incrementally positive.
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