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Cement Shares Hold Against Adverse Tide

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BUSINESS STANDARD
Last Updated : Jan 28 2013 | 1:08 AM IST

Shares of cement companies which witnessed a firm uptrend last week on better August sales and hike in prices held their ground on Monday with marginal losses despite the battering sustained by markets following the postponement of PSU divestment.

While the broad market index Sensex lost about 2 per cent, cement stocks fell upto a maximum of 1.25 per cent. All the four cement pivotals were up in early trade but ended marginally down on across the market selling pressure.

ACC ended steady at the previous close of Rs 138.20, Gujarat Ambuja Cements was down 0.18 per cent to Rs 165.75, Larsen & Toubro was down 0.03 per cent to Rs 180.05 and Grasim Industries was down 1.24 per cent to Rs 313.90.

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The cement stocks had gained momentum last week following higher despatches during the month of August and a price hike in the cement bags on the back of higher sales volumes.

In June and July, cement scrips had been depressed by prospects of another mega capacity expansion in a market already plagued by low realisations. The stock of largest cement maker Associated Cement Companies (ACC) had slipped following reports that the company was planning to expand cement capacity by another 5 million tonnes.


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First Published: Sep 10 2002 | 12:00 AM IST

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