Shares of cement manufacturing companies are trading higher on the bourses on reports that these companies have announced price hikes of Rs 7-10 for a 50kg bag following the proposed hike in excise duty in the Budget.
Among the individual stocks ACC has moved higher by 3% at Rs 1,382, Ambuja Cements and Madras Cements (up 2% each) and UltraTech Cement (up 1%) on the Bombay Stock Exchange.
The Finance Minister, Pranab Mukherjee in the Union Budget 2012-13 on Friday, proposed to raise excise duty to 12% from 10% earlier.
