Financial Daily from THE HINDU group of publications
Thursday, May 06, 2004
Financial Daily from THE HINDU group of publications Thursday, May 06, 2004 |
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Markets
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Stock Markets Mid-cap cement firms rise on Q4 performance Our Bureau
Mumbai , May 5 MID-cap cement companies' shares have been rising during the last few days due to good financial performance in the quarter that ended in March. Brokers said investment in infrastructure sectors such as road and housing was leading to strong demand for cement.
In today's trading on the BSE, stocks of Birla Corporation were up 9.99 per cent to Rs 116.70, Dalmia Cement gained 5.62 per cent to close at Rs 340, India Cement closed at Rs 46.90 - up 6.96 per cent. Other mid-cap cement companies stocks that rose included Mangalam Cement (up 5.99 per cent at Rs 34.50), Mysore Cement (up 4.70 per cent at Rs 12.70) and Prism Cement (up 6.43 per cent at Rs 13.25). According to Mr Abhijeet Dey, Analyst, Pioneer Intermediaries, demand for cement in January-March quarter increased seven per cent, much higher than what was projected. Moreover, prices also remained firm resulting in good performance for cement companies. He said the main factor for the good demand was investment in road and housing. The market feels that cement prices might not fall during the monsoon season as the demand has been robust since April onwards. Another factor for the interest in mid-cap cement stocks is the possibility of merger and acquisition likely to be seen in the sector. Brokers said with the rise in the price of several mid-cap cement stocks, retail investors were sellers and several big investors were buying them to off-load them in case any of the leading cement manufacturers were interested in acquiring them.
More Stories on : Stock Markets | Cement
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