Cement Stocks Extend Gains As Ultratech, Shree Cements Hit 52-Week High

Several cement stocks continued the uptrend that started as the budget announced increasing focus on infrastructure.

What Happened: Cement majors Ultratech and Shree Cements both hit 52-Week high on Monday. Shares of Shree Cements that turned ex-dividend last Thursday surged over 4.5% today to reach its 52-week high of ₹26,915. Ultratech Cements jumped around 3% to reach its 52-week high of ₹7,489.

India Cements also continued its 4-session gaining streak as it jumped over 1.5% to reach Monday’s intraday high of ₹201.25. Ramco Cements was also trading over 1% in the afternoon hours of trading on Monday. Shares of JK Cements also surged another 2% on Monday.

However, Adani Group-owned Ambuja Cements and ACC continued to drop owing to the larger troubles faced by the Adani Group.

The cement stocks have been on an uptrend since the budget announced an increase in focus on infrastructure. The surge also seems to be an effect of a price hike by top cement companies. A Business Standard report said that companies including Ambuja Cements, UltraTech Cement, ACC, Dalmia Bharat, Shree Cement, and JK Cement, hiked prices by 1-4% or around Rs 5-15 per 50-kg bag.

Price Action: Here’s how the shares of cement companies traded on Monday afternoon.

Ultratech Cements was up 1.96% to trade at ₹7,442.35.

India Cements traded 0.48% higher at ₹199.20.

Shree Cements shares soared 4.08% to trade at ₹26,820.50

Ramco Cements was up 0.59% to trade at ₹737.35.

JK Cements shares jumped 2.66% to ₹2914.20

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Posted In: ACCAdani GroupAmbuja CementBudget 2023Price hikesUltratech