Top picks: UltraTech , JK Cement and Dalmia Bharat Another quarter of flattish sales growth: Cement demand remained flattish YoY for the third consecutive qtr, on account of continued slowdown in construction activities. We estimate the aggregate demand for the 11 cement companies under coverage (adjusted for Century Textiles vols in UltraTech) to grow a modest 2% YoY (better than the 2% decline in 1HFY20).