FIIs cut down stake in cement firms
Ajay Modi / New Delhi July 17, 2008, 0:40 IST Apprehending a slowdown in demand from oversupply, institutional investors, particularly foreign institutional investors (FIIs) have pruned their stakes in top cement companies such as ACC and Ultratech over the last four quarters. The industry has started feeling the pinch of measures taken by the government over the last one and half years, aimed at bringing down cement prices and checking inflation. With new capacity additions and an anticipated slowdown in realty, the cement sector could be heading towards an oversupply by the year-end.