November 20, 2017 / 8:09 AM / 7 months ago

BUZZ-India's cement stocks slump on report of Supreme Court seeking pet coke ban

** 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 bit.ly/2hMVkAF

** “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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