Economy & Market
Indian cement sector continues to grow
Despite the country's gross domestic product (GDP) growth plunging to a three-year low of 6.1 per cent for the December quarter, Cement sector in India continued to cling on a double-digit growth trajectory for the fourth month in a row.
Good sales from cement majors UltraTech, ACC, Jaiprakash and Shree Cement helped the 330-million-tonne-industry clock a growth of 10.5 per cent (year-on-year) in February. The industry sold 20.4 million tonne (mln t) of the building material against 18.5 mln t in the previous corresponding month.
Good demand from the northern and the western region helped to this, say analysts. The southern region could not perform better in February and remained a bit subdued. ACC and Ambuja, part of Swiss cement major Holcim, reported 7.5 per cent and 12.7 per cent growth, respectively, in February. JP Associates sold 31 per cent more during the month while UltraTech Cement posted 5.7 per cent growth in its sales.