Cement shares up on consolidation hopes after Lafarge, Holcim agree merger

Reuters Market Eye - Cement stocks gain after the world's two largest cement makers, France's Lafarge and Holcim of Switzerland, agreed the terms of a merger that would create a company with a market value of around $55 billion, a source close to the deal said on Sunday.

Hopes of consolidation are sparking gains in the sector. Holcim-owned ACC Ltd and Ambuja Cements gain around 1.5 percent each, while UltraTech Cement surges 2.4 percent.

Among midcap stocks, India Cements gains 2.4 percent while Ramco Cements is up 1.6 percent.

(Reporting by Abhishek Vishnoi)