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UltraTech, India's largest cement maker, and its parent Grasim (fibres, chemicals, paints, financial services).
Makes the cement used in housing and infrastructure. A small slice of the index, tied closely to construction activity.
Cement demand is a direct read on housing and government infrastructure spend; the industry is consolidating around UltraTech and Adani's Ambuja.
Scale, limestone reserves and logistics decide costs. Prices are regional and seasonal; consolidation is improving pricing power.