External broker reports(aggregated public sources), Sharekhan

Sharekhan

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Sharekhan's research report onDalmia Bharat As per our channel checks, trade cement prices in the East corrected by ~12% Q-o-Q in Q4FY2024, led by a sharp correction in March 2024, compared to ~ a 7% Q-o-Q dip in Pan-India trade cement prices.</li><li>Eastern cement demand has been healthy during Jan-Feb 2024 and is expected to result in double-digit volume growth for Dalmia in Q4. EBITDA/tonne impact is to be limited up to Rs. 200/tonne q-o-q.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Sharekhan's research report onDalmia Bharat As per our channel checks, trade cement prices in the East corrected by ~12% Q-o-Q in Q4FY2024, led by a sharp correction in March 2024, compared to ~ a 7% Q-o-Q dip in Pan-India trade cement prices.Eastern cement demand has been healthy during Jan-Feb 2024 and is expected to result in double-digit volume growth for Dalmia in Q4. EBITDA/tonne impact is to be limited up to Rs. 200/tonne q-o-q.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dalmia Bharat Ltd - Regional Cement Price Correction Fairly Factored In; Retain Buy