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SECTOR
UPDATE
Cement
Buoyancy continues
The cement
majors have reported buoyant dispatch numbers for the month of
November 2006. Cumulatively these majors have reported a
strong 8.8% year-on-year (y-o-y) growth in the cement
dispatches to 53 lakh tonne. The AV Birla group (which
includes Grasim Industries and UltraTech) recorded a y-o-y
growth of 12.7% to 24.7 lakh tonne whereas Gujarat Ambuja
recorded a smart 9.5% y-o-y growth to 13.11 lakh tonne. ACC's
growth remained subdued at 2.7% at 15.2 lakh tonne which could
probably be attributed to the heavy monsoons in the south
where it has significant exposure. Year-till-date (ytd), all
the three majors have approximately reported a growth of 8.8%
yoy.
Automobiles
A power-packed performance by
ALL
Ashok Leyland's November sales are ahead of our
expectations. The company reported an overall growth of 64%
year on year (yoy) as its vehicle sales jumped to 6,923 units
in the month. Its domestic sales grew by 59% while its exports
rose by a whopping 179%.
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