Shares of eight cement companies were in demand after a foreign brokerage reportedly indicated an improving demand outlook.
Prism Johnson (up 5.45%), JK Lakshmi Cement (up 2.32%), The Ramco Cements (up 1.79%), HeidelbergCement India (up 1.73%), UltraTech Cement (up 1.41%), Ambuja Cement (up 1.15%), Shree Cement (up 1.11%) and ACC (up 1.07%) advanced.According to reports, the brokerage said that the improving demand may pave the way for an increase in cement prices which had corrected between 2-5% in the second quarter.
Cement stocks also rallied after finance minister Nirmala Sitharaman on Monday announced an additional budget of Rs 25,000 crore (in addition to Rs 4.13 lakh crore given in Budget 2020-21) to be provided for capital expenditure on roads, defence, water supply, urban development and domestically produced capital equipment.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU