>India Cement Sector (HSBC)

India Cement Sector

High dispatch growth an aberration to the trend

# High 8% dispatch growth in January primarily due to low
base effect and strong growth in the north

# January dispatch growth in south and west at 4-year lows;
strong short-term growth likely, long-term outlook sluggish

# Remain cautious on the sector; our key Underweight (V)
stocks are ACC, Ambuja Cements and India Cements

To see full report: India Cement Sector