Shares of ten cement manufacturing companies saw selling pressure as input costs remain elevated on the back of ongoing Russia Ukraine conflict.
JK Lakshmi Cement (down 3.09%), Ramco Cements (down 2.17%), Andhra Cements (down 2.14%), J.K Cement (down 2.05%), Shree Cements (down 1.95%), Sagar Cements (down 1.85%), Nuvoco Vistas Corp (down 1.58%), Deccan Cements (down 1.56%), Ambuja Cements (down 1.34%) and ACC (down 0.39%) were top losers in cement space.Cement stocks came under selling pressure amid rising coal and pet coke prices, which are key raw materials for the cement industry. Prices have been on a rise as crude oil prices have surged owing to ongoing Russia Ukraine conflict.
Meanwhile, increased diesel prices and elevated transportation costs also put pressure on margins of cement companies.
In the commodities market, Brent crude for May 2022 settlement rose 43 cents or 0.39% to currently trade at $110.86 a barrel.
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