Fresh investor interest buoys Gujarat Ambuja

DALAL STREET SPIKES

Cement major Gujarat Ambuja has been attracting renewed buying among domestic as well as institutional investors.

After a sharp rally on Monday, when the stock was up four per cent, the stock in intra-day deals on Tuesday touched a high of Rs 363 on the National Stock Exchange.

On the BSE the stock closed at Rs 360.70 with the volume accounting for more than 2.3 lakh shares. Market analysts said the surge in despatch for September and expectation of a further rise in despatches post-monsoon have generated renewed interest at the counter.

The stock has appreciated from a recent low of Rs 333.65 on September 27 to Tuesday's close of Rs 360.70. On Monday, GACL reported a robust 23 per cent surge in despatches for September 2004 to 11.85 lakh tonne. Exports have provided a new avenue for growth to the cement industry in recent months.

A rally in oil prices has fuelled a construction boom in the Middle East and exports to the Middle East are surging.