Cement Shares Fall after Freight Rate Hike
Cement manufacturers' shares fell after the government on Friday pushed through a steep 6.5 per cent hike in rail freight effective June 25.
ACC fell 0.2 per cent, UltraTech Cement was down 0.4 per cent, while Ambuja Cements fell 0.6 per cent.
The cement industry transports nearly a third of its production through railways, and freight forms about a fourth of its operating expenses, investors say.
The cement players would not be able to pass on the hike in freight rates to customers at least during monsoon due to weak demand, investors add.
Copyright: Thomson Reuters 2014
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