The unique case of India’s cement sector

Letter # 90 | 14 June 2022 | Adani Group’s entry and UTCEM’s capex announcement have knocked the wind out of cement stocks’ sail over the last week; they found themselves on the worst-performing list. But recent announcements are only the tip of the iceberg, larger issues are deep-rooted and have been unanswered for more than a decade now. In today’s ET article, we look at the past two decades of the cement industry in India, how dynamics have changed after 2008, and the bigger questions that we, as investors, should be asking ourselves before we start laying the blame on companies for incessant expansions. Read here: India: The unique case of India’s cement sector – The Economic Times (indiatimes.com) Disclaimers: Information in this letter is not intended to be, nor should it be construed as investment, tax or legal advice, or an offer to sell, or a solicitation of any offer to make investments with Buoyant Capital. Prospective investors should rely solely on the Disclosure Document filed with SEBI. Any description involving investment examples, statistical analysis or investment strategies are provided for illustration purposes only – and will not apply in all situations and may be changed at the discretion of the principal officer. Certain information has been provided and/or based on third-party sources and although believed to be reliable, has not been independently verified; the investment managers make no express warranty as to its completeness or accuracy, nor can it accept responsibility for errors appearing herein.