Indian cement makers rise as stimulus measures boost demand hopes

India Cements

13/10/2020 07:34

(Repeats to widen distribution with no changes to text)
    ** Shares of ACC Ltd  ACC.NS , Shree Cement Ltd  SHCM.NS ,
India Cements Ltd  ICMN.NS  and UltraTech Cement Ltd  ULTC.NS 
firm 2.3%-3.9%
    ** India on Monday said it will spend an extra 250 bln
rupees ($3.41 bln) on roads, ports and defence projects, and
offered 120 bln rupees in interest-free 50-year loans to state
govts to spend on infrastructure before March 31, 2021
 urn:newsml:reuters.com:*:nL4N2H31ZY
    ** "The amount the government set aside for infrastructure
development has to be spent before March 31, 2021, this clearly
indicates cement consumption will grow faster in coming months,"
said Binod Modi, senior research analyst at Reliance Securities
    ** ULTC shares hit highest since Feb. 20, stock top pct
gainer on NSE Nifty 50 Index  .NSEI ; ACC climbs to highest
since Jan. 31
    ** Shares of SHCM, ACC and ULTC up 3%-6% YTD, while ICMN has
jumped 63%, versus a ~5% dip in Nifty Infra Index  .NIFTYINFR 
and a ~2% fall in the benchmark NSE Nifty 50 Index  .NSEI 
    
($1 = 73.3970 Indian rupees)

 (Reporting by Chris Thomas in Bengaluru)
 ((chris.thomas@thomsonreuters.com; +91-80-6749-8695; Reuters
Messaging: chris.thomas.thomsonreuters.com@reuters.net))