India's Ultratech, JK Cement rise after Jefferies, Antique name them top cement picks

J K Cement

02/12/2024 05:32

** Shares of cement makers Ultratech Cement  ULTC.NS  and JK
Cement  JKCE.NS  rise 2.5% and 4.5%, respectively
    ** ULTC is the top Nifty 50  .NSEI  gainer by percentage,
while JKCE is among the top gainers in Nifty 500  .NIFTY500  and
Nifty Midcap 150  .NIMI150  indexes
    ** Uptick comes after Jefferies and Antique Stock Broking
identify the two cement makers as the top picks in the sector,
among large-caps and mid-caps, respectively
    ** Both brokerages say checks indicate an improvement in
demand and cement companies are likely to hike prices by this
month
    ** Jefferies expects 8%-10% volume growth in H2 of FY 2025
for cement firms after flat growth in H1
    ** ULTC shares up 9.3% in 2024 so far, while JKCE has gained
18% compared to an 11% rise in benchmark Nifty 50 -LSEG data

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))