India Ratings and Research (Ind-Ra) has maintained a stable outlook on cement manufacturers for FY2017-18 due to stable demand growth, despite an increase in input costs. Ind-Ra has revised its growth estimates for the cement industry to 3-3.5 per cent in FY2016-17 from 4-6 per cent earlier due to a blip in demand due to demonetisation. It, however, expects the cement industry to grow 4-5 per cent YoY in the FY2017-18, driven largely by demand from infrastructure activities and a revival in housing demand in rural areas.
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