Shares of cement makers rose 3% in intraday trade on Wednesday after Finance Minister Nirmala Sitharaman said on Tuesday that the government would consider a review of the imposition of the 28% Goods and Services Tax (GST) on cement.

UltraTech Cement, Ambuja Cements, India Cements and HeidelbergCement India rose 3%. ACC, Dalmia Bharat, Star Cement and JK Cement gained 2% on the BSE. In contrast, the S&P BSE Sensex rose 0.58% to 60,637 at 9:36 am.

Finance Minister Nirmala Sitharaman said on Tuesday that if the GST Council agrees, the government may consider reducing the GST on cement, a long-standing demand of the infrastructure sector.

Cement companies are trying to hike prices by Rs 5-15/bag in February 2023 across regions. The coming days will reveal the absorption of such gains.