Cement stocks shaken on fears of export ban

Cement stocks shaken on fears of export ban
Published: 03 May 2006

Cement stocks fell from their high peaks on the bourses on Tuesday, following reports of the Government planning to ban exports of the product.

Union Commerce Minister on Tuesday warned that cement exports would be banned in view of zooming prices of the commodity.

The index-heavy and cement segment leader Associated Cement Co, led the fall on agressive selling by funds to book profits at existing higher levels. ACC shares had surged to an all-time high level of Rs 1060.90 before ending at Rs 989.40, recording a fall of Rs 24.10.

Grasim Industries moved between Rs 2,605 and Rs 2,450 before settling at Rs 2,469.65, showing a hefty fall of Rs 47.45.

Gujarat Ambuja Cement, also a participant of the 30-share Sensex, fell by Rs 2.05 at Rs 122, after touching Rs 128.25. The scrip attracted about 365 big deals on both the stock exchanges.

Other major cement producing companies like Dalmia Cement, Shree Cement, India Cement and Birla Corporation also fell sharply on profit selling.