Cement shares sink: Shree Cement, JK Cement, Ultratech hit 52-week lows

In current times of weak demand, high fuel costs and entry of a new player (Adani group), any significant capacity announcement may be viewed negatively by the market, according to analysts

Shares of cement companies extended their losses into second straight day with Shree Cement, Grasim Industries, Birla Corporation, Dalmia Bharat, Ultratech Cement, and JK Cement hitting their respective 52-week lows on the BSE in Monday's intra-day trade.

This comes after UltraTech Cement, the largest player in the industry, announced capex for addition of 22.6 million tonnes (MT) of capacity.

In the past one week, these stocks have slumped between 8 per cent and 13 per cent. JK Lakshmi Cement, Ramco Cements, UltraTech Cement and India Cements, meanwhile, were down 5 per cent to 8 per cent today, as