On our third anniversary, we have the pleasure in launching the ICRA Industry Watch Series, as also the third publication in theICRA Sector Focus Series. The Industry Watch Series is designed for the use of investment and portfolio managers, practicing finance professionalsand decision makers in thecorporateworld. ICRA Industry Watch Series # 1 THE INDIAN CEMENT INDUSTRY ICRA RESEARCH TEAM The first in this series, it includes Q A detailed analysis of the business environment, the outlook till 1996-97, trends in costs and profitability and the performance of cement companies from the perspective of the share holders. I.] A Corporate Digest for 20 leading companies in cement, of which 12 are pure cement companies and 8 diversified. Analytical profile and comprehensive financials. Annual results for year ending 1994 analyzed for 11 companies and year ending 1993 for the rest. An update in October will provide the analysis for 1994 results. It will be of particular use to investment and portfolio managers, finance professionals and decision makers in the corporate world. Price Rs 6^00 [inland] and USD 250 [overseas]. This includes the update for 9 companies' 1994 results and another update for the industry and half-yearly results, in January 1995. ICRA Sector Focus Series # 3 THE CEMENT INDUSTRY IN INDIA Competitive Structure, Performance and Prospects by SUBIR GOKARN & RAJENDRA VAIDYA with a Foreword by PROF. K.L. KRISHNA, Delhi School of Economics This study uses quantitative techniques to identify the key explanatory variables governing inter-firm differences in profitability for major cement companies in the last several years. The study uses the structure-conduct-performance approach and a multi-variate regression model to estimate the significance of explanatory variables. The results of the model reveal interesting difference between the companies that constitute the industry, in terms of vintage, manufacturing expenses and the approach to marketing. An analysis of consumption trends, underlying macro variables and a forecast of domestic cement demand is also made. The study indicates that domestic availability is likely to be significantly in excess of domestic demand, unless CDP growth picks up several percentage points over current trends. Earlier publications in this series are: LI ICRA Sector Focus Series^ 1: The Cotton Yarn Spinning Industry in India— The Competitive Advantage and Prospects, by SAUMTTRA CHAUDHURI Q ICRA Sector Focus Series ^2: The Indian Steel Industry—Investment Issues and Prospects Part I: Market Demand and Cost Competitiveness, by RAMPRASAD SENCUPTA The publications in this series are priced at Rs 475 [inland] and USD 24 [overseas] each. INVESTMENT INFORMATION AND CREDIT RATING AGENCY OF INDIA Fourth Floor, Kailash Building, 26 Kasturba Candhi Marg, New Delhi, India 110 001