Mumbai, Feb 20: Cement stocks spurted on the bourses following news reports of a consolidation moves in the sector. The news of the French cement major Lafarge being all set to buy a substantial stake in Calcutta-based Shree Cement acted as a catalyst.Also, the news of L&T reaching a deal with a foreign cement major for the sale of a stake in the cement business provided a further boost. The news reports are significant since these are pointers to an increasing influence and presence of foreign players in the domestic cement industry.
Earlier the finance minister's decision to lower import duty for cement in the coming budget failed to impact cement prices.
The stock price of Gujarat Ambuja went up by 7.24 per cent to close at Rs 208.2 on BSE while at NSE the stock went up by 6.34% to close at Rs 206.4. L&T went up by 5.8 per cent to close at Rs 291.15 on BSE and at Rs 290.55 at NSE, clocking a rise of 5.6%. ACC and Grasim also rose by about 3% at both exchanges.
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