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Mumbai: Cement stocks rallied on Wednesday on the back of Finance Minister Nirmala Sitharaman’s comments that the government will frontload expenditure on infrastructure.
Sitharaman on Tuesday said that the government will frontload infrastructure spending in a bid to give the economy a boost and announce one or two more sets of stimulus measures aimed at reviving growth in the coming quarters.
Moreover, hopes of rate cuts for the industry at the upcoming GST council meet also gave cement stocks a leg up.
Shares of Anjani Portland Cement rose over 10 per cent, while those of India Cements, Indian Hume Pipe, Sainik Finance - Industries, Andhra Cements gained over 5 per cent each.
Shares of Orient Cement, Everest Industries, Sahyadri Industries, KCP climbed 4 per cent each.
“Today the economy needs money.
There should be consumption increase because of government spending money, and that can be best spent through spending on infrastructure,” Sitharaman said, marking the first 100 days of the Narendra Modi government in its second term of office.
The government has announced a plan to spend Rs 100 lakh crore on infrastructure in the next five years.
Meanwhile, the GST Council is set to meet on September 20 in Goa.
Analysts are of the view that along with auto, GST rate cuts could be announced for the cement space as well.
Stock Market
Cement stocks rally on FM comments, hopes of GST rate cut
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