We are bullish on ACC, UltraTech and Dalmia Bharat (Odisha Cement) in the large cap space. In mid-caps, we prefer JK Cement, Star Cement and Deccan Cement. During Q4FY19, overall industry volume grew 9% YoY, even on a high base of last year (+19% YoY). This is the fifth consecutive quarter of high growth. The aggregate sales volume of 11 cement companies under our coverage is estimated to grow 10% YoY. We estimate double digit volume growth from UltraTech, Shree Cement, JK Lakshmi and from south focused Dalmia Bharat, Ramco Cements, and Deccan Cement. In terms of cement pricing trend, our pan-India dealers checks, covering more than 50 cities suggest trade pricing increased 2%/4%/0%/3%/6% QoQ in the north/central/east/west/south regions.