Nov 5, 1999|
Cement production up 10% in October
According to the Cement Manufacturers' Association (CMA), cement production and despatches grew by 10% and 7% respectively during October 1999. Industry sources have attributed the slower growth in despatches to the truckers' strike.
Source Cement Manufacturers' Association
Although, the cement production and despatches figures seem to indicate that the cement companies are witnessing a boom, the quarterly results of especially ACC, one of the largest cement manufacturer's in India, highlight the fact that the recovery has at best been regional. The company, while posting a good performance in the northern and western regions, has suffered due to the sluggishness in volume and price growth in the eastern and southern markets.
The CMA has also stated that it expects the industry to grow at 12-15% during the second half of the current fiscal year. Thus during the second half, which is usually the better half for cement companies, the industry is likely to post slower growth as compared to the first half. This opinion underscores the pessimism pertaining to a nationwide recovery in the cement sector.
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