Cement shares jump 5% as ICICI Securities upgrades UltraTech and four others.

ICICI Securities has upgraded its outlook on the cement sector from neutral to positive, citing improved market fundamentals. This change is driven by reduced competitive pressures following recent mergers and acquisitions, favorable pricing trends, and robust capacity expansions.

The announcement sparked a rally in cement stocks, with shares of major manufacturers surging over 5% on the BSE during Monday’s intra-day trade. ICICI Securities issued a “buy” rating for leading players including UltraTech Cement, Grasim Industries, Shree Cement, JK Cement, and Nuvoco Vistas, reflecting confidence in a demand recovery and a sustained price rebound in India’s cement sector.

UltraTech Cement led the gains, climbing 5.3% to an intra-day high of ₹11,777 on the BSE. Other key performers included Shree Cement, JK Cement, and Dalmia, with gains ranging between 1% and 5%.