Among pan-India cement makers, ACC is likely to benefit the most, given its higher dependence on the Railways. Analysts at Edelweiss Securities estimate Rs 30/tonne cost savings for the sector. In response to the tax cuts, analysts have upgraded their earnings per share (EPS) target for cement manufacturers. The main contributors like demand and price have still not been addressed in that case the picture may not improve much. The overall capacity utilisation of the industry would remain below 70 per cent in the near term. Big cos. to benefit Full tax-paying companies such as UltraTech Cement, JK Cement and Orient Cement are likely to benefit the most. Still, the move is unlikely to have any impact on the capex cycle, as the sector is now cautious on capacity additions. Impact on working capital cycle, though positive, may not be material, according to UBS.