Jefferies on Cement Sector – Prices Hold as Intense Monsoon Ends
• Cement prices (ex-GST related changes) were marginally lower by 0.5% MoM
• YTD FY26 prices are tracking 5-6% higher YoY versus FY26 estimate of +4% YoY
• For Q2, prices (ex-GST) remained relatively steady with a 1-1.5% dip QoQ despite severe monsoons impacting demand
• GST rate cut from 28% to 18% has reflected in cement companies passing on the benefit
Data watch
1. FIIs net long at 6.7% (highly oversold)
2. VIX at 10.28 (-7.14%)
3. FIIs sold Rs.1,605 crore in the cash segment, Rs.128 crore in index futures, and Rs.307 crore in stock futures
4. PCR: Weekly 1.24, Monthly 1.03
5. Open interest position of Institutions & Retail:
Daily Morning Report Date: 03.10.2025
NIFTY OUTLOOK: 24836.30 FII -1605.20 cr DII 2916.14 cr
As discussed yesterday, market behaviour remained on expected lines, as bulls took advantage of losing downward momentum and pushed Nifty up to 24867.95.
A long bullish candle on the daily char
CFF FLUID CONTROL: WINS ₹27.7 CR INDIAN NAVY ORDER FOR P75 SUBMARINE PROJECT
CFF Fluid Control secured a ₹27.74 Cr order from the Material Organisation, Indian Navy for equipment supply under the P75 submarine project.
Delivery of the order is scheduled by March 2026, and the deal is an independent, non-related-party transaction.
The order strengthens CFF’s defence manufacturing footprint and enhances credibility with the Indian Navy for future naval projects.
Daily Morning Report Date: 01.10.2025
NIFTY OUTLOOK: 24611.10 FII -2327.09 cr DII 5761.63 cr
As discussed yesterday, market behaviour remained on expected lines. Nifty faced resistance at 24725 (made a high of 24731.80) and from there slipped to an intraday low of 24587.7, close to our support of 24591.
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