Cement companies hike prices in Mumbai by 5 rupees per 50 kg

[K.Karthik Raja]

Cement companies hike prices in Mumbai by 5 rupees per 50 kg

MUMBAI - Cement manufacturers have hiked prices in Mumbai and Navi
Mumbai by 5 rupees per 50 kg with immediate effect.
Now price of cement for institutional buyers will rise to 247-249
rupees a bag, while retail prices will be over 268 rupees. Wholesale
prices in the trade segment will be 255 rupees.
"Although some companies had indicated a possible hike of around 3
rupees earlier this week, prices now have been hiked by 5 rupees
across all the segments," a leading institutional cement dealer told
ACC, UltraTech Cement, Ambuja Cements, JK Lakshmi Cement, Binani
Cement, and Indorama Cement, among others, have hiked prices, another
large wholesale dealer said adding that other small players are also
likely to follow suit.
Reacting to the news, shares of cement companies with exposure in
Mumbai and surrounding markets surged.
ACC shares jumped 5% to 801.45 rupees from Wednesday.
Shares of Ambuja Cements, UltraTech Cement, JK Lakshmi Cement,
Grasim Industries, and Binani Industries were up 3-5%.