* J.P Morgan cautions the near-term outlook for Indian cement
companies remains "hazy", in contrast with market consensus for
a strong V-shaped recovery in infrastructure spending over the
next 12 months.
* The investment bank says a growth in industry demand of more
than 8 percent is unlikely over the next two years, as capacity
will continue to outpace demand.
* J.P.Morgan says Indian steel is a better play than cement.
* "Indian steel companies are adding little capacity and demand
increase would allow them to raise prices back to import
levels," the bank wrote in a note dated Wednesday.
* Ambuja Cement shares down 2.6 percent and Ultratech
falls 3.5 percent while India Cement shares
are down 2.1 percent.