Stocks

ACC rises after strong quarter; cement stocks buoyant

Reuters Mumbai | Updated on July 19, 2019 Published on July 19, 2019

File photo   -  REUTERS

The stock posted the best intra-day percentage gain in more than three months

Shares of ACC Ltd rise as much as 5.13 per cent to Rs 1,647.55, their highest since June 6.

The cement manufacturer posted a 38.6 per cent jump in quarterly profit, helped by strong growth in its ready mix concrete business.

The company says higher annual budget allocation for infrastructure, affordable housing, and the Centre's focus on connectivity will drive cement demand and aid growth going forward.

The stock posted the best intra-day percentage gain in more than three months.

Its industry peers also saw a jump. Shares of UltraTech Cement Ltd rose as much as 2.35 per cent while Ambuja Cements Ltd gained as much as 3.16 per cent, highest in over five weeks. Ramco Cements Ltd jumped 2.11 per cent.

Up to Thursday's close, ACC shares climbed 3.9 per cent so far this year.

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Published on July 19, 2019
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