Volumes to bottom out in FY21E; gain traction from FY22E FY21 is expected to be subdued for the cement industry due to a significant loss of business with Q1 being a strong quarter. On the one hand, rural and semi-urban demand has been supportive since lifting of the lockdown while, on the other, construction and infrastructure activities are expected to lose steam in coming quarters unless labour shortage and liquidity conditions improve. Rural demand in FY21E could be robust on the back of expectations of normal monsoon and pick-up in individual housing building...