Cements stocks which surged upto 56 per cent in March 2016 were trading in red in the noon trade on Tuesday due to profit booking.
Saurashtra Cement shares which jumped 55.90 per cent on a month-to-date (MTD) basis till March 21 closed 3.79 per cent lower at Rs 59.70. Similarly, KCP shares which jumped 45.28 per cent during the period settled 0.12 per cent down at Rs 85.25.
Shares of Prism Cement and JK Cement which were down 0.55 per cent and 1.57 per cent in the noon trade settled 0.24 per cent and 1.95 per cent up at Rs 82 and Rs 640. Prism Cement and JK Cement soared over 30 per cent during Feb 29 and March 21. All other cement stocks advanced between 4 per cent and 30 per cent during the same period.
According to traders, domestic cement companies fell in the early trade on Tuesday on profit-taking after strong gains this month.
Most of the cement stocks have outperformed the market after government said this month it would allow transfer of mining leases for captive mines. The move is likely to spur mergers and acquisitions in the cement industry, analysts had said.
ACC and UltraTech Cements closed 1.02 per cent and 0.67 per cent down at Rs 1361 and Rs 3199.95.
Figures show share price in Rs
(With inputs from Reuters)