SGC is well placed to capitalize on strong opportunities in the underlying markets of AP/Telangana, where demand has grown in excess of 20% YoY over the past 12-15 months. We expect cement demand in AP/Telangana to grow at 12-15% over the next two years, driven by the government's push toward infrastructure development and creation of a new state capital of Amravati (Andhra Pradesh). This is likely to result in strong volume growth for SGC. Diversification and low-cost capacity addition to bring in stability In an attempt to diversify geographically, SGC is likely to increase capacity by...