Cement shares reach 52-week high

According to multiple sources, shares of cement makers such as Dalmia Bharat, Deccan Cements, Mangalam Cement, Birla Corporation, Sagar Cements and Ramco Cement have touched their respective 52-week highs on the BSE.

UltraTech Cement, ACC, Ambuja Cements, India Cements, Sanghi Industries, Shree Cement, HeidelbergCement India and JK Lakshmi Cement are also trading near their 52-week highs.

Deccan Cements, the largest gainer in the cement pack, has risen 13% to Rs 1030, also its record high on the BSE.

In the past nine trading sessions, since 15 June, the stock surged 24% from Rs 828 after the credit rating agency ICRA upgraded the ratings of the company’s bank loan facilities.

Dalmia Bharat also reached a record high of Rs 1205 on the BSE in intra-day trade. Post March quarter results, the stock rallied 29% against 3% rise in the benchmark index.

The company said it witnessed improved cement demand since the second half of FY16 and expect rural demand to gain momentum in addition to the infrastructure growth.

Edited from sources by Joseph Green. Sources: DNA India, Times of India, Business Standard

Read the article online at: https://www.worldcement.com/indian-subcontinent/29062016/cement-shares-reach-52-week-high-423/