Cement stocks up on excise duty cut

Cement stocks, led by India Cements, on Wednesday surged in morning trade on the Bombay Stock Exchange, a day after the government announced excise duty cut on bulk cement by two per cent.

Shares for cement companies surged in the range of 1 to 3 per cent, buoyed by the government reducing excise duty on bulk cement by two per cent, or Rs 60 per tonne, whichever is higher.

India Cements opened up 3.06 per cent to touch an intra-day high of Rs 101. It was later trading at Rs 100, up 2.04 per cent on the BSE.

A similar movement was witnessed in Ambuja Cements, which touched an intra-day high of Rs 70.25, up 1.44 per cent. It was later trading at Rs 69.80, up 0.79 per cent.

Marketmen said yesterday's development has given support to the cement counter.

Other major cement stocks that buzzed on the BSE were JK Lakshmi Cement (1.94 per cent) and Mangalam Cement (1.33 per cent).

source:http://www.financialexpress.com/news/cement-stocks-up-on-excise-duty-cut/427899/