Indian cement companies' shares surge on talk of price hikes
Written by Reuters
| Updated: Feb 21 2014, 22:25pm hrs
UltraTech Cement gains 6.2 percent, while ACC is up 5.3 percent. (Reuters)
Shares of Indian cement companies surge on speculation about price hikes in northern India, according to multiple dealers. UltraTech Cement gains 6.2 percent, while ACC is up 5.3 percent. Officials at UltraTech and ACC were not immediately reachable for comments."Prices are up by 30-45 rupees per bag month-on-month in February (over Jan-14 average) across all these markets (North largely Delhi, Rajasthan and Punjab)," Motilal Oswal wrote in an email to clients on Friday. The brokerage also said this could lead to meaningful re-rating for north-based cement players like Shree Cement and JK Lakshmi Cement.