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Cement is a mature sector comparatively. There is muted growth in it volume wise and a very local business where their is no moat and very less brand loyalty. Many of the cement companies in South india are in losses!
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Grasim is putting money in paints business not ultratech. Grasim is the one who is diversifying to create a whole empire. They might be seeing muted opportunity with ultratech and thus expanding into paints. They bought ultratech in 2000s from l and t. What if they didn’t do that and thought let’s just expand in the textiles or dyes segment?
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