Coal news and updates

Cement makers have survived the demonetisation shock quicker than expected with the southern markets affected the least, several manufacturers and analysts said. A full recovery may not be far either.

 

Management commentary and results for the December-ended quarter show impact of demonetisation was not as severe as anticipated.

 

H.M. Bangur, managing director of Shree Cement Ltd, expects a demand revival soon. “Sales have been definitely down and demand is lower by 10-11% in the markets we are present in, which is both east and north India. Growth should come back in two-three months’ time. In fact, it should be very positive in the next three months,” Bangur said, adding the sector typically grows 5-6% every year. Shree Cement reported a rise in both standalone net profit and sales for the third quarter ended 31 December.

 

ACC Ltd on Friday said that the slowdown witnessed after demonetisation has eased and that increased government allocation in Union Budget for infrastructure development, housing, roads, and railways is expected to boost demand for cement and concrete industry during 2017.

source:Livemint