higher dividend payout ratio of 30-50%.
We maintain cautious view on Indian cement industry, as despite assuming demand growth of 6/7% in FY15/16, industry utilisations are expected to remain subdued at 74% levels.
We maintain our Reduce recommendation on Ambuja Cement and Hold on ACC.
* Production discipline-led cement price hikes will pose upward risk to our earnings estimates.
* Sharp decline in input cost.