According to a Reuters report, shares of Indian cement companies have risen ahead of the 29 February Union Budget, amid hopes of an increase in infrastructure spending.
UltraTech Cement rose 1.7%, Ambuja Cements was up 0.5%, JK Lakshmi Cement rose 2.3% and Shree Cement also rose 1.3%.
HSBC expects the government to increase infrastructure spending by 29% in 2016, including for smart cities and low cost airports.
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The company has signed the ‘Business Ambition for 1.5°C’ Commitment, a global campaign led by the Science Based Targets initiative (SBTi) in partnership with the UN Global Compact and the We Mean Business coalition.
India Ratings & Research has predicted that a deceleration in the infrastructure and construction sectors is likely to pull down cement demand in India over the next financial year.
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