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Centre's infra push to drive mining and construction equipment sector: ICRA
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SME Times News Bureau | 24 Nov, 2021
The Centre's focus on building infrastructure is
expected to drive demand for the mining and construction equipment
sector in the calendar year 2021, ICRA Ratings said on Tuesday.
The ratings agency expects the sector to grow at around 15-17 per cent in 2021, against its earlier estimate of 15-20 per cent.
"Patchy
monsoons, together with price increase, against a backdrop of stagnant
equipment rental yields, have impacted customer sentiments and in turn
the volume," said Mayank Agrawal, Sector Head and Assistant
Vice-President, Corporate Sector Ratings.
"While the volumes are
expected to increase sequentially in Q3 and Q4 CY2021 compared to Q2
CY2021, they will remain weaker compared to Q3 and Q4 CY2020," he added.
Besides,
ICRA's outlook on the sector remains 'stable' due to the Centre's
infrastructure push and favourable growth prospects, he said.
"With
expected easing of supply-side constraints and continued infrastructure
push, ICRA expects volume growth of 7-10 per cent during CY2022.
Nevertheless, increasing cost of ownership, muted rentals or any
slowdown in infrastructure activity poses downside risks to our
estimates," Agarwal said.
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