Wednesday, November 02, 2005

Cement scrips hardened in afternoon trade boosted by reports that cement makers have hiked prices in Mumbai - the key market

Grasim, which surged 3.3% to Rs 1,163, was the top gainer among cement
pivotals. ACC rose 2.5% to Rs 463.15, Gujarat Ambuja Cements (GACL) rose
2.4% to Rs 71.55 and UltraTech Cement gained 1% to Rs 415.

GACL rose on high volume of 10.9 lakh shares. 1.3 lakh shares changed hands
in ACC, 15,645 shares got traded in Grasim and 14,640 shares changed hands
in UltraTech Cement.

Cement shares had remained relatively firm in the past one month or so when
the market underwent a major correction with the Sensex tumbling over 1000
points. This was because cement makers had raised prices by about Rs 5 per
bag at the beginning of October 2005 to take advantage of a seasonal pick-up
in demand after the June-September monsoon season.

Following the latest price hike, the retail cement prices would rise to Rs
180 per 50-kg bag in Mumbai while those for institutional and bulk buyers
would be about Rs 165 per bag.

ACC, Gujarat Ambuja Cements, UltraTech Cement and Grasim Industries are the
major cement suppliers in Mumbai.

Analysts expect cement prices to remain firm over the next couple of years
or so as no major capacity expansion is expected to go on stream during that
period thereby restricting supply pressure.


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