Cement Companies Shares Surge on Speculation of Price Hike

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Shares in cement companies rose on speculation of an increase in prices of cement in select areas. Shares of UltraTech Cement  rose nearly 5 per cent to Rs 2,830 on NSE on reports that the company has decided to drop out to buy overseas cement assets of Holcim & Lafarge.

Cement Companies Shares Surge on Speculation of Price Hike
ACC: Quotes, News
BSE 1715.50BSE Quote17.8 (1.04%)
NSE 1712.00NSE Quote22.6 (1.32%)
UltraTech Cement: Quotes, News
BSE 4133.00BSE Quote73.95 (1.79%)
NSE 4141.70NSE Quote64.15 (1.55%)

ACC rose 3.5 percent, Ambuja Cement was up 1.6 percent, UltraTech Cement jumped 5.5 percent on speculation of price rise.

Recently, Ultratech, country's largest cement maker, said its board has approved the acquisition of Jaypee Assocaites's Bela unit which has 2.1 million tonnes per annum (mtpa) clinker and 2.6 mtpa cement grinding capacity.

Stocks of cement companies have gained sharply in the last one year on anticipation of a demand recovery and are trading at premium valuation.

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Read more about: ultratech
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