Cement shares rebound on heavy volumes

ACC, Ambuja Cements, India Cements, Century Textiles and Grasim Ind bouncing back more than 5% each from intra-day's low

Shares of cement manufacturers have bounced back by more than 5% each from their intra-day low levels, paring all their initial losses on the back of huge volumes.

ACC, Ambuja Cements, India Cements, Century Textiles and Grasim Industries are trading higher by 2-7% in late noon deals on the Bombay Stock Exchange. Most of these stocks fell over 5% each in opening trades ahead of competition watchdog Competition Commission of India (CCI) order accusing top cement companies over alleged price cartelization.

However, TV channel reports said that the companies effected price increases only to offset higher input cost - freight rates, coal prices etc.

Century Textiles has jumped 7% to Rs 293, bouncing back almost 9% from intra-day low of Rs 270 on the Bombay Stock Exchange. A combined 1.93 million shares have changed hands on the counter so far, against an average around 800,000 shares that were traded daily in past two weeks.

India Cements  has zoomed 8% to Rs 87, recovering around 13% from intra-day low on back of over four-fold rise in trading volumes.has zoomed 8% to Rs 87, recovers around 13% from intra-day low on back of over four-fold rise in trading volumes.