Cement demand to continue to remain robust After witnessing modest demand decline of ~2.0% in FY21 cement demand is expected to witness a strong upcycle in FY22E led by urban housing recovery and infra push by the government. While demand in H1FY21 was largely driven by strong rural housing demand, urban housing and infra segment aided recovery in H2FY21. Going forward, higher budgetary allocation by the government on infrastructure (up 26% YoY | 5.54 lakh crore), lower interest rates and recovery in private capex would continue to...