UltraTech Cement rose 2.32% to Rs 2,872 at 11:15 IST on BSE on reports that a foreign brokerage has maintained outperform rating on the stock.
Meanwhile, the S&P BSE Sensex was up 45.31 points or 0.17% at 26,190.98.
On BSE, so far 2,731 shares were traded in the counter as against average daily volume of 14,171 shares in the past one quarter.
The stock hit a high of Rs 2,873.95 and a low of Rs 2,825.95 so far during the day. The stock had hit a record high of Rs 3,399 on 4 March 2015. The stock had hit a 52-week low of Rs 2,418.30 on 18 December 2014.
The stock had underperformed the market over the past one month till 30 November 2015, sliding 2.66% compared with Sensex's 1.92% fall. The scrip had also underperformed the market in past one quarter, declining 4.68% as against Sensex's 0.93% fall.
The large-cap cement company has equity capital of Rs 274.42 crore. Face value per share is Rs 10.
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The foreign brokerage reportedly said that cement demand has been weak for the past 3 years. Higher urban housing demand could lead to strong FY 2017 financials for UltraTech Cement, the brokerage said.
On consolidated basis, UltraTech Cement's net profit rose 3.1% to Rs 426.97 crore on 4% growth in net sales to Rs 5951.19 crore in Q2 September 2015 over Q2 September 2014.
UltraTech Cement is a leading cement manufacturer in India. It is a part of the Aditya Birla Group.
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