Cement stocks decline on buzz of pet coke import restrictions

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

Grasim Industries (down 1.62% at Rs 1,130.80), Shree Cement (down 1.6% at Rs 16,900), UltraTech Cement (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 BSE 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 government is planning to curb the imports of petroleum coke, also known as 'pet coke', which is believed to be a major polluter.

The statement follows reports that US-based oil refineries are exporting pet coke- a carbon-rich solid material derived from oil 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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