The document provides an overview of the cement industry in India. Some key points:
- India is the second largest cement producer globally with a production capacity of around 455 million tonnes as of 2017-18. Capacity is expected to reach 550 million tonnes by 2020.
- The industry is dominated by private players who account for 98% of total capacity. The top 20 companies produce around 70% of cement.
- Key markets are in the south, west, and central regions which have higher installed capacities. The largest concentrations of plants are in Andhra Pradesh, Rajasthan, and Tamil Nadu.
- Growth drivers include increased infrastructure spending, initiatives like Smart Cities and affordable housing,
The main purpose of this project is to perform Security Analysis of Cement Sector and find out the possibilities and opportunities in this sector which can maximize the return. Indian economy being the one of the developing economies in the world, companies in India are growing at a faster rate as compared to the growth rate decade back. Many Indian companies are expanding their business globally with merger and acquisition. As companies grow their investors get benefitted with good dividend and capital appreciation. Valuations can be done by two ways approach .One is top down approach and second is bottom up approach. It begins with analysis of sector in which one wants to invest, if the sector looks positive then analyse various companies in the sector. A company is analysed fundamentally to check its performance and financial strength. Technical analysis is used to decide right price to buy stock and to study various chart patterns of selected companies. The observed patterns are tested with various indicators and oscillators and decision about particular stock is made. Based on price movement trend of a particular stock is observed. This report starts with the sector analysis of cement industry followed by fundamental analysis of the companies. Analysis of the sector has been done. Cement industry is analysed on the basis of various factors and indicators and ratios. After analysing these companies, stock price is estimated by Relative Valuation Method and the shares have been bought by means of creating a portfolio. Ratios are calculated and then the growth and value of the stock were determined. This report means to narrow down the gap between retail investor and equity market by simplifying basic investment strategies and give basic knowledge about fundamental and technical analysis. This report will help the investors to recognise about the current growth potential of Indian Economy in relation with Cement sector. They will get to know various factors affecting this sector and their impact on the growth of the sector. It will help them in comparing the stocks and their predicted future share prices, to invest in better options and get maximum returns. Rachana Mohalkar "Security Analysis of Cement Industry" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-6 , October 2019, URL: https://www.ijtsrd.com/papers/ijtsrd28108.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/28108/security-analysis-of-cement-industry/rachana-mohalkar
"Acceptance of Birla Wall Care Putty in Retail Segment"Sidvin Shetty
This is the detailed project carried during my MBA (10 weeks) on the topic of "Birla Wall Care Putty in Retail Segment" by enduring practical study & research in the Company in the Year 2011 . (Thus, some of the details may have been changed).
The purpose of this upload is for "Students" carrying projects in Cement Industry to have an Overview of it.( I had some issue with "Uprooting the basics" thus sharing it for reference to get an basic understanding & working towards your projects")
This should be used for reference purpose only. Thus,having a basic understanding towards & make your projects accordingly. (Independently!!)
Thus, this report will not be available for downloads...
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• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
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US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
2. .
Table of Content
Advantage India……………..….……….… 4
Market Overview and Trends..………..…. 6
Growth Drivers and Opportunities……… 14
Key Industry Organisations……….…….. 19
Useful information……….……….......….. 21
Strategies Adopted……………..……...…11
Executive Summary………….….…..……. 3
3. For updated information, please visit www.ibef.orgCement3
EXECUTIVE SUMMARY
Source: Business Standard, Ministry of External Affairs, DIPP
Cement production capacity of around 455 million tonnes, as of 2017-18.
India’s cement production capacity is expected to reach 550 million tonnes by 2020.
India is the second largest cement producer in the world.
Second largest cement
market
Of the total capacity, 98 per cent lies with the private sector and the rest with public sector.
The top 20 companies accounting for around 70 per cent of the total production
Dominated by private
players
210 large cement plants account for a cumulative installed capacity of over 410 million tonnes, while over 350
mini cement plants have an estimated production capacity of nearly 11.10 million tonnes.
Higher share of large
plants
Of the total 210 large cement plants in India, 77 are situated in the states of Andhra Pradesh, Rajasthan &
Tamil Nadu.
Large concentration in
south and west
5. For updated information, please visit www.ibef.orgCement5
Source: Budget 2018-19, News Articles, Aranca Research, DIPP
ADVANTAGE INDIA
Increased allocation to infrastructure projects
in Union Budget 2018-19 to drive demand
Initiative to build 100 smart cities and boost to
affordable housing projects to give a further
stimulus
Cement demand is likely to boost up from the
fourth quarter of 2017-18, this demand is
positively impacted by the housing segment
The North-East, which is witnessing a construction
boom, offers attractive investment opportunities.
Cement demand in India is on an upswing and is
expected to witness robust growth. The growth will
be driven by high cement demand from rural India
and government’s focus on infrastructure.
Oligopoly market, where large players have
partial pricing control
Low threat from substitutes
Robust investments are being made by the
existing players to expand their capacity
FDI inflow in industry related to manufacturing
of Cement & Gypsum products reached US$
5.26 billion between April 2000 and June 2018
As of August 2018, Vicat Group is planning to
invest Rs 1,735 crore (US$ 258.80 million) to
expand its cement production capacity in India
by 50 per cent to 13 million tonnes by 2021.
The expansion will strengthen its presence in
the southern and western markets of India.
ADVANTAGE
INDIA
7. For updated information, please visit www.ibef.orgCement7
Source: CARE Ratings , Cemnet, Office of the Economic Advisor , National Bureau of Statistics of China, USGS Mineral Commodities Summary 2018, Turkey Cement Association, India
Ratings and Research (Ind-Ra)
India - world’s 2nd largest cement market, both in production and
consumption.
Supported by high level of activity going on in real estate and high
government spending on smart cities and urban infrastructure.
Cement production capacity of 455 MTPA as of 2017-18. Capacity
addition of 19-22 MTPA is expected in 2018-19, led by rising
capacity in eastern region^.
The outlook for domestic cement sector is stable for October 2018 to
March 2019 as overall demand conditions remain steady.
MARKET OVERVIEW
Top Cement Producers in 2017E (in MTPA)
2316.25
285.68
85.90 85.40 80.55 66.00 63.00 59.00 58.00
0
500
1,000
1,500
2,000
2,500
Note: E – Estimate, ^As per ICRA
8. For updated information, please visit www.ibef.orgCement8
MARKET OVERVIEW
Source: Media sources, Aranca Research, CRISIL, CARE Ratings, Ultratech Cement
Industry to grow at 5-6 per cent CAGR between FY17 – FY20.
Cement production is expected to grow to 316 million tonnes in 2018-19. It reached 136.52 million tonnes during April - August 2018.
Cement consumption is expected to grow by 4.5 per cent in FY19 supported by pick-up in the housing segment and higher infrastructure
spending#.
Note: #As per CRISIL, ^CAGR is up to FY18, F-Forecast, * up to August 2018
Cement consumption (million tonnes)
230.00
243.00
249.00
257.00
269.00
272.00
296.00
319.00
0.00
50.00
100.00
150.00
200.00
250.00
300.00
350.00
FY 12 FY13 FY14 FY15 FY16 FY17 FY18 FY19F
Cement Production in India (million tonnes)
230.49
248.23
255.83
270.04
283.46
279.81
297.56
136.52
0
50
100
150
200
250
300
350
FY 12 FY13 FY14 FY15 FY16 FY17 FY18 FY19*
CAGR 4.29% ^CAGR 4.35%
9. For updated information, please visit www.ibef.orgCement9
EXPORT AND IMPORT OF CEMENT
Source: DGCIS
Note: #Including Cement, Clinker and Asbestos Cement, ^CAGR is up to FY18, *up to September 2018
India’s exports of cement, clinker and asbestos cement increased at CAGR of 10.37 per cent between FY12-FY18 to reach US$ 433.87 million.
During the same period imports of cement, clinker and asbestos cement increased at a CAGR of 11.14 per cent to US$ 174.36 million in FY18.
Cement# exports and imports reached US$ 193.36 million and US$ 68.67 million, respectively between April – September 2018 .
The country’s top export destinations for cement, clinker and asbestos cement in FY18 were Nepal, Sri Lanka, USA, Maldives and UK.
The country’s top five import sources for cement, clinker and asbestos cement in FY18 were Pakistan, Bangladesh, Japan, Vietnam and Thailand.
Cement Imports to India# (US$ million)
92.52
110.32
68.34
91.93
104.19
139.81
174.36
68.67
0
20
40
60
80
100
120
140
160
180
200
FY 12 FY13 FY14 FY15 FY16 FY17 FY18 FY19*
^CAGR 11.14%
Cement Exports from India# (US$ million)
240.05
228.13
312.26
378.31
335.62
374.87
433.87
193.36
0
50
100
150
200
250
300
350
400
450
500
FY 12 FY13 FY14 FY15 FY16 FY17 FY18 FY19*
^CAGR 10.37%
10. For updated information, please visit www.ibef.orgCement10
INSTALLED CAPACITY AND KEY MARKETS IN EACH
OF THE GEOGRAPHIC REGIONS
Source: Indian Minerals Year Book by Indian Bureau of Mines, TechSci Research
Notes: mtpa - Million Tonnes Per Annum, E- Estimates
South
(Tamil Nadu,
Andhra Pradesh,
Karnataka)
132.7 MTPA
East
(West Bengal,
Chhattisgarh,
Odisha, Jharkhand)
49.4 MTPA
North
(Rajasthan,
Punjab, Haryana)
85.6 MTPA
West
(Gujarat,
Maharashtra)
57.6 MTPA
Central
(Uttar Pradesh,
Madhya Pradesh)
52.8 MTPA
12. For updated information, please visit www.ibef.orgCement12
RECENT STRATEGIES
Source: Union Budget 2018– 19, Union Budget 2017-18, Emkay Global Financial Services, News Articles
Presence of small & mid-size cement players across regions is increasing, which helps to diminish market
concentration of industry leaders
A large number of foreign players have also entered the market owing to the profit margins, constant demand
& right valuation.
Increasing presence of
cement players
India has joined hands with Switzerland to reduce energy consumption & develop newer methods in the
country for more efficient cement production, which would help India meet its rising demand for cement in the
infrastructure sector
Tie – up with overseas
Under Union Budget 2018-19, allocation for affordable housing has been doubled to US$ 123.57 million
Housing and real estate sectors accounts for nearly 65 per cent of the total cement consumption in India.
Housing for All
The Government of India has decided to adopt cement instead of bitumen for the construction of all new road
projects on the grounds that cement is more durable & cheaper to maintain than bitumen in the long run.
Companies are trying to develop a niche market for RMC (Ready Mix Concrete)
Adoption of cement
instead of Bitumen and
Ready Mix Concrete
(RMC)
As of June 2018, ACC is in discussions with Jaiprakash Associates to purchase the latter’s 5.5 MTPA cement
business for a consideration of Rs 5,200 crore (US$ 775.66 million).
In May 2018, Ultratech Cement decided to acquire the 13.4 MTPA capacity cement business of Century
Textiles and Industries.
Mergers & Acquisitions
13. For updated information, please visit www.ibef.orgCement13
SUCCESSFUL USE OF ALTERNATE FUELS IN CEMENT
PRODUCTION
Madras Cement's Alathiyur plant
Module Use bioenergy through
burning of coffee husk & cashew
nut shells
Annual cost savings of US$ 1.7
million
India Cements Ltd's Dalavoi plant
Use Low Sulphur Heavy Stock
(LSHS) sludge as alternate fuel
Annual savings of US$ 6,500
approx
UltraTech's Gujarat Cement
Works
Use tyre chips & rubber dust as
alternate fuel
Reduction of about 30,000
tonnes of carbon emissions
annually
Lafarge's Arasmeta plant
Substitute 10 per cent of coal used
in kilns with rice husk
Higher energy savings and lower
carbon emissions
Company/Plant Strategy Benefits
Source: CMA
15. For updated information, please visit www.ibef.orgCement15
GROWTH DRIVERS AND OPPORTUNITIES
Percentage share of cement demand in FY18
65%
20%
15%
Housing and real estate
Public Infrastructure
Industrial Development
Source: Ministry of External Affairs (Investment and Technology Promotion Division), AT Kearney, CARE Ratings
The demand for cement in India can be attributed to three main
sectors viz Housing and Real Estate, Public Infrastructure and
Industrial Development. The factors that will lead to increase in
demand from these sectors include:
Housing and Real Estate
Government initiatives like Housing For All to push demand in the
sector.
Real estate market to increase at 11.6 per cent CAGR in 2011-20.
Strong growth in rural housing and low-cost housing to amplify
demand.
Public Infrastructure
Strong focus of Government of India
Projects like Dedicated Freight Corridors and ports under
development.
Metro rail projects already underway in most major cities.
Government of India’s push with Smart Cities Mission and AMRUT.
Industrial Development
Strong economic growth is expected to lead to growth of the
industrial sector and in turn increase in demand in the long run.
16. For updated information, please visit www.ibef.orgCement16
POLICIES AND INITIATIVES
Source: Aranca Research. News Articles
Note: RE – Revised Estimate
The Union Budget has allocated US$ 92.22 billion for infrastructure development in 2018-19 as compared to
US$ 76.31 billion in 2017-18 (RE). Government’s infrastructure push combined with housing for all, Smart
Cities Mission and Swachh Bharat Abhiyan is going to boost cement demand in the country.
Union Budget
2018-19
In Budget 2018-19, Government of India announced setting up of an Affordable Housing Fund of Rs 25,000
crore (US$ 3.86 billion) under the National Housing Bank (NHB) which will be utilised for easing credit to
homebuyers. The move is expected to boost the demand of cement from the housing segment.
Affordable Housing Fund
An outlay of Rs 33,000 crore (US$ 5.097 billion) has been proposed for building 4.9 million houses under
Pradhan Mantri Awas Yojana – Gramin in Union Budget 2018-19.
Pradhan Mantri Awaas
Yojana - Gramin
scheme
In May 2018, Ultratech Cement emerged as the winning bidder in the auction for Deora-Sitapuri-Udipyapura
limestone mining block in Madhya Pradesh. The block contains reserves of about 54 million tonnes and is
spread over an area of 344.78 hectares. The company will be able to leverage this mining block to augment
production capacity of its Dhar unit.
Auction of limestone
block
(Deora-Sitapuri-
Udipyapura)
17. For updated information, please visit www.ibef.orgCement17
INVESTMENT SCENARIO
Source: Aranca Research, News Articles
Note: *MTPA – Million Tonnes Per Annum
Emami Cement, a renowned brand of Emami Group, announced expansion plans with an investment of about
US$ 74.7 million in 2016.
The company is aiming to increase its production capacity to 6 MTPA by 2018-19 and market share to 10 per
cent by 2019.
The company plans to increase its capacity from existing 2.4 MT to 15-20 MT by 2021, with an investment of
US$ 1.27 billion.
Emami Cement
The company has undertaken two greenfield projects in West Bengal and Odisha to increase its presence in
eastern India. These projects will attract an investment of US$ 78 million and will be commissioned by late
2018.
Shree Cement
As of March 2018, the company is going to invest Rs 1,391 crore (US$ 214.86 million) for setting up a 1.7
MTPA greenfield clinker plant in Rajasthan which is expected to be operational by second half of 2020. A
majority of land is already in possession of the company and the rest is in advanced stages of acquisition.
Ambuja Cement
During 2017-18, Ultratech commissioned a greenfield clinker plant with a capacity of 2.5 MTPA and a cement
grinding facility with 1.75 MTPA capacity in Dhar, Madhya Pradesh. The company is expecting to complete a
1.75 MTPA cement grinding facility and a 13 MW waste heat recovery system by September 2018 at the
same location.
The company is planning to build a US$ 287 million plant in Rajasthan. The plant will have a capacity of 3.5
million tonnes per annum and is expected to commence operations by June 2020.
The company has received approval for a US$ 9.04 million opencast limestone mine project in Gujarat. The
project has a capacity of 2.07 MTPA* of limestone which will be used to support a proposed cement plant in
Bhavnagar district.
Ultratech Cement
18. For updated information, please visit www.ibef.orgCement18
INVESTMENT SCENARIO
Source: Aranca Research, News Articles
The subsidiary of Holcim, has plans for a US$ 500 million capacity expansion in India
ACC will upgrade and expand its Jamul unit in Chattisgarh & its grinding unit in Jharkhand. This will increase
ACC’s capacity to 38 mtpa from 30 mtpa in a phased manner by 2016 & 55 mtpa in 2020
ACC
Heidelberg Cement, a Germany-based cement manufacturer has commissioned Phase-I of its Jhansi
grinding unit
The company has undertaken an investment worth US$ 259.4 million for expanding its capacity to 2.9 MT
Heidelberg aims to ramp up the operational capacity to 6 MT at its Damoh plant in Madhya Pradesh, striving
to add an additional 9 MT by 2017
Heidelberg Cement
Dalmia Bharat is planning to expand its capabilities in East India. The company already has a significant
market share in the region, as of FY17.
It is the preferred bidder for one block of Limestone (Kesla II) in Raipur, with reserves of 215 million tonnes.
The deal is expected to generate cumulative revenues worth US$ 1.76 billion for the state government.
Dalmia Cement
Amrit Cement India Ltd (ACIL) has announced the launch of Amrit Cement in the North-Eastern market
The company plans to achieve a production level of 5 million tonnes per annum by FY16, through capacity
expansion in North-Eastern Bihar and Nepal
Amrit Cement
JK Cement is planning to invest Rs 1,500 crore (US$ 231.7 million) over the next 3 to 4 years (from
September 2017) to increase its production capacity at its Mangrol plant from 10.5 MTPA to 14 MTPA.
The company is aiming to further increase its production capacity to reach 18 MTPA by 2022.
JK Cement
22. For updated information, please visit www.ibef.orgCement22
GLOSSARY
CMA: Cement Manufacturers' Association
GDP: Gross Domestic Product
GoI: Government of India
Rs: Indian Rupee
MTPA: Million Tonnes Per Annum
NE India: North-East India
FY: Indian Financial Year (April to March)
(FY10 implies April 2009 to March 2010)
US$: US Dollar
Wherever applicable, numbers have been rounded off to the nearest whole number
23. For updated information, please visit www.ibef.orgCement23
EXCHANGE RATES
Exchange Rates (Fiscal Year) Exchange Rates (Calendar Year)
Year INR Equivalent of one US$
2004–05 44.95
2005–06 44.28
2006–07 45.29
2007–08 40.24
2008–09 45.91
2009–10 47.42
2010–11 45.58
2011–12 47.95
2012–13 54.45
2013–14 60.50
2014-15 61.15
2015-16 65.46
2016-17 67.09
2017-18 64.45
Q1 2018-19 67.04
Q2 2018-19 70.18
Year INR Equivalent of one US$
2005 44.11
2006 45.33
2007 41.29
2008 43.42
2009 48.35
2010 45.74
2011 46.67
2012 53.49
2013 58.63
2014 61.03
2015 64.15
2016 67.21
2017 65.12
Source: Reserve Bank of India, Average for the year
24. For updated information, please visit www.ibef.orgCement24
DISCLAIMER
India Brand Equity Foundation (IBEF) engaged Aranca to prepare this presentation and the same has been prepared by Aranca in consultation
with IBEF.
All rights reserved. All copyright in this presentation and related works is solely and exclusively owned by IBEF. The same may not be reproduced,
wholly or in part in any material form (including photocopying or storing it in any medium by electronic means and whether or not transiently or
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