The shares have been flat till now versus a nearly 8% gain in the Nifty 50 index. Amid this, Hindalco’s focus on expanding its downstream capacities bodes well as it brightens long term prospects.
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Even as cement companies continue to announce ambitious expansion plans, analysts turn cautious over the sector as incremental supply is expected to coincide with a weak demand growth period, and other headwinds of higher fuel costs, weak monsoons and general elections.
In August, JSW Cement said it will take its current 19 million tonnes (MT) capacity to 60 MT in the next five years.
The country s top producers have massive expansion plans underway - UltraTech Cement targeting 200 MT, Adani Cement aiming for 140 MT and Dalmia Cement planning for 110-130 MT.
Cement manufacturers show during the June 2023-ended quarter (Q1FY24) has indicated an intensified slugfest for market share.
For instance, Dalmia Bharat (Cement) said it has lost market share in eastern India owing to lack of price discipline.
Industry analysts also said that the seasonal weakness in cement prices for Q1 is showing up earlier than usual.