Indian shares climb on price hike

Indian shares climb on price hike
Published: 08 October 2010

Shares of ACC, Ambuja Cement, UltraTech Cement and others rose on Tuesday after a business daily reported that cement prices in Gujarat and Maharashtra were likely to increase.

Cement manufacturers are set to hike prices by around Rs20 per 50kg bag from October 1 in Gujarat while a similar hike is being contemplated for Maharashtra, including Mumbai.

The proposed price hike can be attributed to the pick-up in cement demand, as construction activities have gradually accelerated following the withdrawal of monsoon.

Companies like UltraTech Cement, Ambuja Cements, Sanghi Industries, Gujarat Siddhi Cement, Saurashtra Cement, Binani Cement, JK Lakshmi Cement and Jaiprakash Associates will raise the prices, the financial newspaper reported.