Letter # 90

Adani Group’s entry and UTCEM’s capex announcement have knocked the wind out of cement stocks’ sail over the last week; they found themselves on the worst-performing list. But recent announcements are only the tip of the iceberg, larger issues are deep-rooted and have been unanswered for more than a decade now. In today’s ET article, we look at the past two decades of the cement industry in India, how dynamics have changed after 2008, and the bigger questions that we, as investors, should be asking ourselves before we start laying the blame on companies for incessant expansions. Read here: India: The unique case of India’s cement sector – The Economic Times (indiatimes.com)

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