Cement stocks slump on report of Supreme Court seeking pet coke ban

Last Updated: Mon, Nov 20, 2017 13:46 hrs

Shree Cement Ltd shares slump as much as 5.3 pct, while JK Lakshmi Cement Ltd and J K Cement Ltd slide as much as 5.2 pct and 5 pct, respectively.

Supreme Court on Friday sought a nationwide ban on use of pet coke and furnace oil, local media reported.

"Companies like Shree Cement and JK Cement are largely dependent on pet coke, and the ban will have an impact on their EBITDA margins" - Rohit Natarajan of IDBI Capital.

Other cement makers such Ambuja Cement Ltd and UltraTech Cement Ltd were down 2.9 pct and 2.2 pct, respectively.

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