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For the cement sector, there has been no direct move that could be termed positive or a negative. The industry's demand for lower tariffs on some inputs has not been acceded to. What may work in the industry's favour, however, is the stress on housing, infrastructure and road projects. The Golden Quadrilateral road project is scheduled to be completed by December 2003, a year ahead of schedule. This could provide some impetus to volumes though it may be tough to sustain prices at high levels. Companies in a position to capitalise on volume growth, such as Gujarat Ambuja Cements, ACC, Grasim Industries and Larsen & Toubro, may benefit. The cut in the import duty on cement from 25 per cent to 20 per cent may be of marginal significance as it is unlikely to enhance the threat of imports.

BL Research Bureau

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