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Our Bureau

Mumbai , April 15

CEMENT companies' shares were back in limelight on Thursday on expectations of good quarterly results due to firm cement prices during the January-March quarter, brokers and analysts have said.

In today's trading, the ACC stock gained 2.60 per cent at Rs 274.20, Grasim stock gained 1.20 per cent at Rs 1172.55 and Madras Cement closed at Rs 834.85, up 2.71 per cent. Other cement stocks which gained included Gujarat Ambuja Cement (up 4.22 per cent at Rs 329.65), India Cement (up 4.97 per cent at Rs 40.15) and Shree Cement (up 11.70 at Rs 174.75).

According to Mr Abhijeet Dey, Analyst, Pioneer Intermediaries: "Cement prices were hiked in January and February this year and the prices remained firm in the previous quarter. Due to firm prices the quarterly financial performance of most of the companies would be good compared to previous quarters."

The trend for cement stocks would be decided by Gujarat Ambuja Cement, which announces its third quarter results on Friday, several analysts said.

The market expectations are net profit of around Rs 100 crore for March quarter compared with Rs 66.86 crore in the same period last year.

Brokers said that other than good financial results in March quarter, hike in cement prices in various Southern markets this month also triggered buying interest in cement shares.

They said hike in cement prices, especially in April, is unusual and the rise in price indicates good demand even in slack season.

According to brokers, large construction activities in various parts of the country and lot of infrastructure projects is leading to good demand for cement. "Most of the cement companies are doing good business due to good infrastructure and construction activities," said a broker.

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