Cement Stocks up nearly 4 pct

Bucking a weak trend in broader market,cement stocks zoomed up to 4 pct in morning trade.

Written by Agencies | Mumbai | Published:August 20, 2010 11:53 am

Bucking a weak trend in broader market,cement stocks zoomed up to 4 per cent in morning trade on increased buying boosted by expectations of better returns due to upcoming festive season.

Shares of Ambuja Cements rose by 3.42 per cent to touch a year-high level of Rs 128.20 on the Bombay Stock Exchange.

Later,it was trading at Rs 126.10,up 1.73 per cent.

Buying is visible in the entire cement sector in view of the end of the monsoon and the upcoming festive season. The cement companies should give good returns to the investors,CNI Research CMD Kishore P Ostwal said.

Madras Cements too rose by 2.53 per cent to hit an early high of Rs 107.15.

Aditya Birla group company UltraTech Cement rose by nearly 3 per cent to touch a month high of Rs 952.

Other cement stocks which were trading in the positive zone,include Heidelberg Cement India (up 2.19 per cent),Samruddhi Cement ( up 1.28 per cent).

According to analysts,price realisations will start in the sector in the current quarter and also infrastructure spending from the Government will come in which will lead to better returns.

Meanwhile,cement major ACC was quoting lower by 0.41 per cent at Rs 877.10.

The broader market Sensex was quoting lower by 46.52 points at 18,408.42.

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