Reviving cement prices and correction in crude oil prices are expected to revive the profitability of cement manufacturers, which were under constant pressure in FY19. Estimated cement prices pan-India grew at an average of 2% YoY and 3% QoQ in 4QFY19. Although a partial rollback was witnessed at the end of the quarter on account of year-end volume push, cement prices saw steep growth, majorly in Southern and Western regions. 11MFY19 volumes (as reported by the Ministry of Commerce) have surged 13% YoY, implying a potential double digit volume growth for the year first time since FY10. Orient...