Cement shares harden, Madras Cement surges 6%

Mangalam Cement, OCL India, Birla Corporation and Dalmia Bharat Enterprises are up more than 4% each on the BSE

Shares of cement maker mainly mid-and-small sized companies have rallied more than 4% each on expectations that demand would revive as the monsoon season comes to an end.

Madras Cements, Mangalam Cement, OCL India, Birla Corporation and Dalmia Bharat Enterprises are trading higher by more than 4% each on the Bombay Stock Exchange (BSE).

Meanwhile, Credit Suisse, the foreign broking house, has raised price target of major cement companies like ACC, Ambuja Cements and India Cements after revising their estimates to factor in higher cement prices.

Cement companies have hiked prices by about Rs 5-6 per 50 kg bag to pass on the impact of recent hike in diesel price.

Among the individual stock, OCL India has surged over 9% to Rs 150, followed by Managalam Cement (up 8%), Madras Cements and Birla Corporation (up 6% each) and Dalmia Bharat Enterprises (up 4%) on the BSE. India Cements, UltraTech Cement and ACC are trading higher by 1-3%.