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Cement prices exhibited early signs of stabilization, following a subdued pricing environment through October and November 2024, driven by weak demand dynamics. However, a turnaround materialized in December, supported by rural housing expansion, and infrastructure-driven demand, leading to a moderate recovery in prices.
In February, Consumer Price Index (CPI) inflation eased to 3.6%, while Wholesale Price Index (WPI) inflation ticked up to 2.4%. The Manufacturing Purchasing Managers' Index (PMI) decreased compared to the previous month, while Services PMI witnessed a surge.
The unemployment rate rose in February. Foreign institutional investments (FII) and and mutual funds (MF) witnessed outflows during the month. Crude oil prices declined on a MoM basis in February.
Demand: Est. at 4,448 tons in CY2023 (valued at $306 Bn. at average value of $1,940 per ounce) bifurcated as primarily (a) Jewellery: 49% (b) Bars & Coins: 27% (c) Central Banks: 23%
We prefer TVS Motors and Hero Motocorp in 2Ws; M&M (non-coverage) as a play in the PV/LCV/tractor segment, followed by Maruti in PVs. We also keep a close watch on Ashok Leyland and Eicher (VECV) in the CV space for potential volume growth.
