Housing and construction are the sectors most impacted by demonetization. While market participants aver things will normalize in 3-6 months, the impact is enough to postpone the much awaited recovery in cement demand by another year or so. Further, we fear a longer slump in secondary/unorganized real estate markets which drive a large proportion of cement sales (IHB). We also do not believe that a rebound in infrastructure demand will be enough to offset the above-mentioned slump in housing.