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As On 05-Mar-2021 EOD, Market Closed
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  • CEMENT: Infra spending to remain in focus

    Measures to revive growth in real estate sector and higher allocation towards infrastructure projects to provide direction

    Current Status

    India is the second largest cement producer globally after China with a capacity of 450 million tonne per annum (MTPA) at end of March 31, 2019. Also, capacity additions of 20 MTPA are expected in FY19-FY21. India's cement industry is a vital part of its economy, providing employment to more than a million people, directly or indirectly.

    The housing and real estate sector is the biggest demand driver of cement, accounting for about 65% of the total consumption in India. Other demand drivers are Infrastructure and Commercial & Industrial with 15-20 % share each.

    Cement, being a bulk commodity, is a freight intensive industry and transporting it over long distances can prove to be uneconomical. This has resulted in cement being largely a regional play with the industry divided into five main regions viz. north, south, west, east and the central region. The Southern region of India has the highest installed capacity, accounting for about one-third of the country's total installed cement capacity.

    Cement sector is an indirect beneficiary of higher government spending and any measures in budget to improve the spending augurs well for the sector. However, mere increase in budgetary allocation for road and railway sector is not enough to boost cement consumption. Prior experience suggests that the government despite allocating higher budgetary resources has cut the spending to accommodate the fiscal deficit math. Higher private sector participation along with improved terms under BOT model will also sustainably lead to higher cement consumption.

    Industry Expectation

    • To increase budgetary support to Roads, railways and other infra sectors - Expectation that budgetary allocation for Roads, railways and other infra related industries spending to increase by ~10-15%.
    • Housing and urban development- Expectation that enlarging the ambit of affordable housing, and relief in personal income taxes including section 24 (on housing loan interest) – to primarily boost demand in the affordable and mid-segment categories.
    • Reduction in customs duty- To reduce customs duty on packaging for use in bagging cement to 5% from 10%.
    • Expect some announcements on BOT model as well as private participation in Railway projects.
    • Removal of Clean energy cess on Coal.
    • Introduction of import duty on Cement or abolition of Import duties on raw material for Cement– Coal, petcoke, Tyre Chips, Limestone, Packing Materials and Bags, Gypsum, and Refractories etc.

    Analysts Expectation 

    • More funds allocation to the Roads, railways and other infra sectors along with increase in deduction under section 24 of the Act would be most welcome for cement industry.
    • Thrust on reviving of rural economy/rural income.

    Stock to watch 

    UltraTech Cement, ACC, Ambuja Cements, Shree Cement, TheRamco Cement 

    Outlook 

    Cement sector is an indirect beneficiary of higher government spending and any measures in budget to improve the spending augurs well for the sector. Higher allocations towards capital (infrastructure) spending to the Roads, railways and other infra sectors along with increase in deduction under section 24 of the Act would be most welcome for cement industry and help kick start the revival of the domestic economy.

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Flash News 05-Mar-2021
  •  ( 15:55) Shilpa Medicare gets USFDA nod for arthritis drug  
  •  ( 15:54) Sun Pharma subsidiary to acquire 12.5% stake in WRS Bioproducts  
  •  ( 15:54) Indiabulls Housing allots $150 million foreign currency convertible bonds  
  •  ( 15:54) European shares trading lower  
  •  ( 15:53) Asian markts close on a negative note  
  •  ( 15:53) Nifty closes below 15,000 mark  
  •  ( 15:53) Coal India declares second interim dividend  
  •  ( 15:52) Sensex drops 440 pts amid weak global cues, firm crude oil prices  
  •  ( 14:13) BEML appoints Deloitte Haskins & Sells LPP as consultant for demerger of non-core assets  
  •  ( 13:35) The Nifty index holds its 15,000 mark  
  •  ( 13:34) Indices experience intense volatility; metal and bank stocks in demand  
  •  ( 11:34) PVR launches 6-screen property in Forum Centre City Mall, Mysuru  
  •  ( 11:28) Equity indices trade sideways with losses  
  •  ( 10:49) PNB Housing Finance, Yes Bank join hands to offer customized retail loans  
  •  ( 10:10) Heranba Industries lists at Rs 900 per share vs issue price of Rs 627 apiece  
  •  ( 09:52) Dilip Buildcon receives LoA for two Karnataka-based projects  
  •  ( 09:45) BCPL Railway Infrastructure bags a LoA from Railway Vikas Nigam  
  •  ( 09:29) Positive market breadth  
  •  ( 09:25) Nifty drops below 15,000   
  •  ( 09:24) ISGEC Heavy Engg. secures a deal from Shree Cement to set up boilers  
  •  ( 09:22) Wipro acquires London-based Capco for $1.45 billion  
  •  ( 09:19) Market trading lower in early trade  
  •  ( 08:15) OPEC+ extends most oil output cuts into April  
  •  ( 08:09) US stocks drop on Thursday as Powell fails to ease rate fears  
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05 March 2021 00:00
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