Cement prices up in west, north India
Cement makers hike prices by Rs12 per 50-kg bag with immediate effect. Avg wholesale price of cement in Mumbai will be Rs233 per 50 kg bag while the retail price will be Rs245. A day after Finance Minister P. Chidambaram slapped a 50% increase on costlier cement bags, manufacturers in western and northern India hiked prices by Rs12 per 50-kilogram bag with immediate effect. Chidambaram raised the excise duty on cement priced above Rs 190 per 50 kg to Rs 600 per ton from Rs 400 in the union budget for the fiscal year 2007-08. At the same time he cut the duty on cheaper cement bags to Rs 350. Post the hike, average wholesale price of cement in Mumbai would be Rs 233 per 50 kg bag while the retail price would be Rs 245, said Sanjay Ladiwala, President of the Cement Stockists & Dealers Association Bombay. Separately, the Government called on cement companies to cut prices. Chidambaram too reiterated his request that the Indian industry should help the Government contain inflation by holding prices. Shares of companies such as ACC, Gujarat Ambuja Cements, Grasim, India Cements and UltraTech Cement recovered from their day's lows. Yesterday, these stocks had slumped badly following the announcement of the hike in excise duty in the budget.
Short Name Close %change High(Rs) Low(Rs)
ACC 876.55 -2.61 912 841.1
Gujarat Ambuja Cement 111.75 -3.62 118.95 105.5
Grasim 2200 -0.57 2240 2052
UltraTech Cement 870.15 -2.35 909 852
India Cements 173.9 -2.88 182.5 65.9
ACC 876.55 -2.61 912 841.1
Gujarat Ambuja Cement 111.75 -3.62 118.95 105.5
Grasim 2200 -0.57 2240 2052
UltraTech Cement 870.15 -2.35 909 852
India Cements 173.9 -2.88 182.5 65.9
Courtesy: EconomicTimes
1 comment:
If this keeps happening God knows where the inflation is headed.Will the Onion episode repeat itself..
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