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Cement Companies Shares Surge on Speculation of Price Hike
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.
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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