Cement shares gain as Supreme Court allows use of pet coke
Kakatiya Cement, HeidelbergCement India, Mangalam Cement, JK Cements, Shree Cement, JK Lakshmi Cement, Prism Cement, India Cements and Shree Digvijay Cement Company were up in the range of 2% to 6% on the BSE. On comparison, the S&P BSE Sensex was up 0.43% at 33,371 points.
Most of the cement stocks had underperformed the market after the Supreme Court (SC) on November 17, asked all the states and Union Territories to consider enforcing the decision of the Ministry of Environment and Forest (MoEF) and the Central Pollution Control Board (CPCB) prohibiting the use of pet coke and furnace oil by the industry in Uttar Pradesh, Haryana and Rajasthan.
Since then, HeidelbergCement India, JK Cements, Mangalam Cement, Shree Cement, India Cements, JK Lakshmi Cement, ACC, Ambuja Cements and Ramco Cement were down by more than 3%, against a marginal 0.3% decline in the benchmark index till Tuesday.