UltraTech Cement (UltraTech) may be affected by weak demand in Q3FY2020 (October 2019 saw cement production dip by 7.7% y-o-y as per DIPP) owing to weak government spends on infrastructure, state elections, uncertainties on a change in state government and construction ban in Delhi-NCR, etc. Pan-India cement prices have fallen by 3.1% q-o-q during Q3FY2020 (till date), although they are up 5.8% y-o-y as against a -1.3% to +2.4% price variation seen in Q3 in the previous five years. Further, key input costs continued to drop as seen from the fall in petcoke prices (average...