Cement companies hike prices in north; reduce in south

Cement companies have increased the prices in the northern market by Rs 10 -15 per 50 kg bag, whereas the vice versa can be seen in the prices of cement bags in the southern market. Cement companies have increased the prices in the northern market by Rs 10 -15 per 50 kg bag, whereas the vice versa can be seen in the prices of cement bags in the southern market. Trade sources reported that hike in prices was the result of increase in input costs, as coal, petcoke & freight are the major raw materials used by cement companies and their prices have risen as compared to last year. Whereas, an official of a top cement company in the southern part of India, has informed that prices slipped in Kerala & Tamil Nadu due to weak demand. In Delhi, a cement bag is priced at around Rs 290 to Rs 320. A price hike has been adopted by almost all cement companies, the major ones being, Jaiprakash Associates, Shree Cement and Birla Corporation, though it has not been ascertained by them. Stock view: Birla Corporation Ltd opened at Rs 695.05 and has touched a high and low of Rs 695.1 and Rs 685 respectively. So far 23755(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 5322.55 crore. The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 806.75 on 01-Nov-2016 and a 52 week low of Rs 338.05 on 16-Mar-2016. Last one week high and low of the scrip stood at Rs 707.4 and Rs 687.55 respectively. The promoters holding in the company stood at 62.9 % while Institutions and Non-Institutions held 19.64 % and 17.47 % respectively. The stock is currently trading below its 50 DMA. Source:indiainfoline.com