Recommendations and stock picks: We upgrade Ramco Cements to BUY (from ADD earlier) and Shree Cement to REDUCE (from SELL earlier), post the recent stock price corrections. We maintain BUY ratings on all other stocks. We prefer UltraTech among pan India players and NCG exposed JK Cement and JK Lakshmi in midcaps. The SEM based companies (especially Dalmia) are also trading at attractive valuations post recent stock decline and should see rerating as demand recovery accelerates in 2HFY21 onwards. Sales hit hard in the peak quarter: The Covid-19 led countrywide shut downs in late March pulled down cement sales during 4QFY20. We estimate sales volume for our coverage universe to fall 10% YoY (+2% QoQ). In our view, the lockdown eroded ~15-20% of expected sales for 4QFY20.