Binani Cement Ltd., an Indian manufacturer of the building material, rose to its highest level in more than 1 1/2 years in Mumbai trading on expectations that cement prices will increase in the first quarter of next year.
Binani Cement surged 4.7 percent to 70.65 rupees as of 12:25 p.m. local time. Madras Cements Ltd. advanced 4.6 percent to 118.7 rupees; JK Cement Ltd. climbed 2.6 percent to 149.5 rupees and Prism Cement Ltd. gained 4.1 percent to 44.65 rupees. Ambuja Cements added 0.9 percent to 98.9 rupees. India Cements Ltd. increased 1.9 percent to 118.6 rupees. ACC Ltd., the nation’s biggest cement maker, rose 3 percent to 841 rupees.
“Prices should be going up,” said Sanjay Ladiwala, president of the Cement Stockists & Dealers Association, an industry group. “It will start somewhere between Jan. 15 to Feb. 1 and keep going up until May-end.”