Business Daily from THE HINDU group of publications
Saturday, Jan 19, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Saturday, Jan 19, 2008 ePaper | Mobile/PDA Version |
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Cement Markets - Stocks Columns - Ear to the ground Cement stocks managed to hold fort in the battered markets on Friday. Hopes of a better quarterly performance brightened after strong numbers were posted by India Cements (net profit grew 59 per cent to Rs 1,271 crore). Analysts expect similar numbers from the topline companies such as ACC, Grasim Industries and Ambuja Cements. Market sources also attribute renewed interest in cement stocks to a possibility of tax sop or rationalisation of duties in the forthcoming budget. While ACC hit an intra-day high of Rs 881 before closing flat at Rs 864, Grasim Industries touched a high of Rs 3,360 and ended up 1.03 per cent at Rs 3,340. Almost all cement companies have lined up huge expansion plans, which are in various stages of completion. Analysts also feel that the booming infrastructure activities in the country augur well for cement companies. However, frequent intervention by the Government to keep prices under check may be a worrying factor for the companies, especially at a time when raw material prices and freight cost are shooting through the roof, said an analyst. Suresh P. Iyengar More Stories on : Cement | Stocks | Ear to the ground
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