Cement stocks lost today probably because of the announcement by Ultratech Cement that it will invest Rs 12886 crore in expanding its production capacity further. Many believe that demand for cement will remain subdued in the foreseeable future because of economic slowdown. Announcement of increase in capacity by a major cement company raises the fear of oversupply and increased competition in the industry.
Today the urge for short term profit booking was met by an equal urge to do value buying. This ensured that markets did not fall by much over their previous day’s closing price. India’s export import and trade deficit data that came yesterday did not excite the markets much. They were along expected lines with crude oil imports rising year-on-year by 91%.
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