Sunday, May 29th, 2022

Share Market Update: Strong rise in the shares of cement companies, know what was the reason


Highlights:

  • Shares of cement companies jumped up to 7 percent on Thursday
  • Shares of Ambuja Cements and JK Lakshmi Cement at record high
  • Cement demand in the country likely to pick up after July

New Delhi
Shares of cement companies saw a jump of 7 percent during trading on BSE on Thursday. Shares of Ambuja Cements and JK Lakshmi Cement hit record highs. Shares of Saurashtra Cement, Andhra Cements, KCP, JK Lakshmi Cement and Gujarat Sidhee Cement rose between 4 and 7 per cent.

On the other hand, the shares of Orient Cement, JK Cement, Ambuja Cements and UltraTech Cement rose 2 to 3 per cent, while the BSE Sensex was trading 0.35 per cent lower at 52,317.46 at 2 pm. Analysts say the demand for cement in the country is likely to pick up after July. In this expectation, the shares of cement companies are rising.

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what was the reason for the increase
According to CARE Ratings, due to the second wave of corona in the country, restrictions were imposed in almost every state from April 2021, due to which there has been a decrease in construction activities in the country. This may impact the demand-supply scenario for the cement industry in the first quarter of this financial year. But after the easing of restrictions, the demand for cement may increase from July. However, analysts at Emkay Global Financial Services say that the margins of the cement industry will not be affected in the first quarter of this fiscal as prices have increased by around 6 per cent across the country this quarter.

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