MARKET IN BRIEF
The market remained subdued on 26 Sept 2012 throughout the session because of F&O expiry on tomorrow as reported yesterday. European & Asian markets were also subdued after a steep rise in last fortnight. There was some stock specific action today specially in U.B group stocks on divestment of promoters stake to foreign based group entities. United breweries, kingfisher untied holding gained by 20 to 25% on stake sale. Aegis chemical shot up smartly from Rs 130 to Rs 152. Likewise there were several other stocks which gained between 10%-20% upper filter circuits.
CEMENT STOCKS RALLIED HIGHER
In our recently recommended stocks, ARVIND Ltd flared up from the level of Rs 68 – 70 to Rs 80. Similarly Elecon Engineering has also shot up to Rs 50.
Cement stocks attracted renewed buying today. It was perhaps on account of monsoon season coming to end with which construction activities will start picking up.
Almost all cement stocks rallied higher in all the segments like A – Group, Mid & Small Caps. ACC flared up, Gujarat Ambjua hit a new high so also India Cement, J.K.Laxmi cement also flared up to a new 52 weeks high.
India Cement stock in mid cap category is still going cheap as Rs 90 compared to its peers because of its promoter group is reported to be entangled in 2G case as otherwise stock is rated to cross higher beyond Rs 100 mark.
Investors may buy it either now or on a decline between Rs 80 – 85.
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