As against our expectations of better pricing power, cement prices pan-India are down 1%. On volumes, cement companies are divided. The jury on Pan-India India players is out. Regionals may benefit from specific pockets like Satna Cluster or Telengana. Further, the crude-linked pet coke prices are moving up. With poor pricing power and below base-case capacity utilization, we suspect the future of rosy valuations ahead. First, cement pricing worse-than-our expectations!...