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Cement Stocks Continue to Break Down

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Shares of India’s top cement majors are effort in today’s trade even as the benchmark

indices are showing a flag of hurdle back.

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Ambuja Cements, part of Swiss major Hoclim, slipped below Rs 160 on the BSE and is currently trading at Rs 159.15 at 10:35 am. Its sister-concern ACC too, continues to trade weak as the counter remains weak below Rs 1,100 mark. The company’s stock is currently trading at Rs 1,068.05.

UltraTech Cement, India’s largest cement maker with capacity of 53 mtpa, could not remain an exception. The counter is down 0.8% at Rs 1,635.

Cement prices have remained under pressure, courtesy good monsoons across the country. Lower cement consumption is not letting cement companies use their capacity fully. The average capacity utilization of the sector is hovering around 70% which is far below than utilization levels during hey days of beyond 100%.

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