Financial Daily from THE HINDU group of publications
Wednesday, Feb 27, 2002
Financial Daily from THE HINDU group of publications Wednesday, Feb 27, 2002 |
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Markets
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Stock Markets Cement scrips buoyant; volumes surge Jayanta Mallick
KOLKATA, Feb. 26 CEMENT scrips were buoyant on Tuesday over news that the railway freight restructuring has gone in favour of the commodity. The approximate reduction in freight rate for cement is said to be around 0.96 per cent per 100 kg for a distance of 700 km. The freight component in the cement prices, according to market analysts, varies between 5 and 10 per cent. However, marketmen pointed out that some of the cement producers might be affected by the additional burden on account of freight hike in coal as the energy-intensive process of cement manufacture is sensitive to fuel cost. ``Though the initial reaction was positive, various factors such as lowering of freight rate on diesel and a hike in coal freight rate and their impact on the cost or prices of cement could be calculated in real terms only after reading the fine print of the Railway Budget'', said Mr Mathew Easow of Mathew Easow Research Securities. For cement producers, both railways and roadways provide logistics support in terms of raw material as well as finished products. On the NSE, the cement heavyweights such as ACC, L&T, Gujarat Ambuja and Grasim saw improvements in price and in volumes. ACC closed at Rs 166.70 (Rs 162.2) with a volume of 29.64 lakh shares. The average volume for the scrip on the NSE in the past two months has been 16.35 lakh shares. The L&T counter finished at Rs 202.30 (Rs 199.10) with a volume of 21.03 lakh shares. The two-month average volume of the scrip has been 11.86 lakh shares. Gujarat Ambuja moved up to close at Rs 236.25 from the previous close of Rs 227.35 with a volume of 3.53 lakh shares. The two-month average of the scrip stood at 16.11 lakh shares.
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