Business Standard

Top cement stocks trade weak

Counters tumble over 10% after hitting 52-week high

Read more on:    Acc | Ultratech Cement | Ambuja Cements
Related News

Stocks of India's cement giants are under pressure amid benchmark indices inching higher.

Aditya Birla group's , after reporting a decline of 2.6% in its December quarter's profits, is trading at Rs 1,867, down 2.21% on the Bombay Stock Exchange. While, Swiss major Holcim-owned and continue to remain weak in today's trade.

Poor sales, lower realisations and subdued demand growth for the building commodity have stoked weak sentiments on the counters.

ACC and Ambuja, which together have 55 million tonnes of annual cement manufacturing capacity, have softened ever since the news emerged of royalty of one% on sales to be given to Holcim for technology.

After hitting their recent highs, both the stocks have been beaten down. ACC, in particular, has been losing ground as its share price have seen continuous erosion of value. On the BSE,  stocks of ACC are trading at Rs 1,325 down 1.5%. This level is significantly lower than its recent 52-week high of Rs 1,514 a share.

Same goes with its sister-concern Ambuja. After slipping to Rs 185 early last week, though the counter made a strong bounce back, but it has again started losing the steam. It is currently trading at Rs 195.4 a share, which is over 11% decline against its 52-weeks high of Rs 220 in later part of the previous year.

Birla's firm UlraTech too has the same story which is trading 11% lower than its 52-week high of Rs 2,075.

Interestingly, in today's trade small cap and mid-cap cement counters have shown strength. Stocks like JK Cement, JK Lakshmi, Shree Cement and India Cements, among others were trading higher between 0.75% and 1.5%.

BSE's benchmark index or Sensex was at 20,100, up 61 points or 0.3% up.

Read more on:   
|
|

Read More

Former CJI Kapadia joins BSE

Nominated to post by Sebi, takes over as public interest director

Quick Links

 

Market News

Sebi revises norms for liquidity enhancement schemes

Exchanges can provide trading incentives for three years

Slow start for VIX futures

High costs, lot size said to be impediments

Traders trim positions ahead of poll results

Rollovers decline; open interest drops

Sebi's Draft Fatca norms: Greater scrutiny ahead for high-value US a/cs

Individual accounts with holdings of more than $1 mn will come under greater scrutiny; those with balances less than $50,000 will be exempt from ...

Cairn India puts up a good show

Medium-term prospects remain good, but company faces challenges on the production front

Back to Top