Business News
2 min read | Updated on April 04, 2024, 18:04 IST
SUMMARY
Cement prices have been sliding for five consecutive months up to March due to the tepid demand. The increase in rates this month is timed with a likely revival in demand. The sharpest hike, in the range of ₹30 to ₹50 per 50-kg cement bag, is expected to be implemented in the southern states, reports said, citing dealers.
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Stocks of edged cement majors edged lower on Thursday, April 4.
Cement rates are set to be increased in April, with some of the producers in the country’s central and eastern parts already initiating the hike, reports said. This comes in the backdrop of tepid demand over the past few months, which had moderated the prices.
The hike in the price of a 50-kg cement bag is set to be in the range of ₹10 to ₹50, depending on the different regions of the country. At present, the wholesale price of 50-kg cement bags is in the range of ₹270-₹410 apiece, depending on the grade and quality of the cement. The rates also differ from company to company.
In the quarter ended December 2023, cement players had reported strong financial results, with Dalmia Bharat’s net profit climbing by 22% year-on-year (YoY) to ₹266 crore, Ambuja Cement’s net profit jumping by 39% YoY to ₹514 crore, UltraTech’s net profit increasing by 68% YoY to ₹1,777 crore and ACC reporting a massive 378% surge in net profit at ₹527 crore.
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