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ACC,Ambuja,Jaiprakash stocks plunge

Shares in Indian cement makers fell between 1 and 4 percent on Friday.

Written by Agencies | Published: January 6, 2012 4:24:07 pm

Shares in Indian cement makers ACC,Ambuja Cement and Jaiprakash Associates fell between 1 and 4 percent on Friday on market talk the companies cut prices by Rs 25 for a 50 kg bag in the northern state of Himachal Pradesh.

There was a significant difference in prices (in the state) compared with other places,which have now narrowed down,said Ravi Sodah sector analyst at Elara Capital.

He said there was pressure from the government to cut prices as the state had given financial incentives to the companies.

In December,retail cement prices were above 300 rupees per 50 kg bag in the state,compared with about Rs 270 in other parts of the country,he said.

A spokesman for ACC declined comment on the price cut talk. At 12:19 p.m. (0649 GMT),ACC was down 1.7 percent,Ambuja dropped 1.8 percent and Jaiprakash fell 4.4 percent.

Stocks More on Ambuja

Company INFO More on Jaiprakash

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