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Cement stocks decline on buzz of pet coke import restrictions

Capital Market 

of key cement manufacturers edged lower at 15:06 on after minister Dharmendra Pradhan was quoted as saying that the is planning to curb the of petroleum coke, believed to be a major polluter.

Grasim Industries (down 1.62% at Rs 1,130.80), (down 1.6% at Rs 16,900), (down 1.16% at Rs 4,124.30) and Ambuja Cements (down 0.99% at Rs 261) declined. ACC was up 0.3% at Rs 1,682.

Meanwhile, the S&P Sensex was up 34.09 points or 0.1% at 32,867.03.

Union petroleum and natural gas Minister Dharmendra Pradhan was quoted as saying that the is planning to curb the of petroleum coke, also known as 'pet coke', which is believed to be a major polluter.

The statement follows reports that US-based refineries are exporting pet coke- a carbon-rich solid material derived from refining- to India as there aren't many takers for it in their country, as per reports.

Pet coke is used as a fuel by cement makers to manufacture clinker. Recently the Supreme Court had banned the use of pet coke in three states surrounding the Delhi-NCR to curb pollution.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 04 2017. 15:05 IST
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