FIIs cut down stake in cement firms

FIIs' stake

June 30, '07

June 30, '08

June 30, '07

June 30, '08

ACC35.4531.7316.049.13 Ultratech17.6314.519.195.78 Jaypee37.9536.0225.9024.44 India Cements49.8346.2327.6628.46 Source-Bombay Stock Exchange
Note-FIIs form a part of institutional investors  Last year, the government had made cement import duty-free. Cement has a weight of 1.73 per cent in the wholesale price index (WPI). Inflation, however, has continued to rise on high prices of minerals and food items. Inflation for the week ended June 28 was at a 13-year-high of 11.89 per cent.  In the January-March quarter, while cement producers faced a 16 per cent cost-push on the input side, they could increase prices by 4-5 per cent only.  Further on, prices will see a downward correction with new capacity additions hitting the market while cement may continue to underperform vis-a-vis the market, Burde added.