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UltraTech Cement was up over 3% at Rs 2,402 after the cement major reported better-than-expected earnings during the second quarter ended September 30, 2014 because of robust sales growth.
Consolidated net profit rose for the second quarter increased 47% to Rs 416 crore in the July-September quarter as against Rs 283 crore last year. Revenue for the quarter increased to Rs 5,772 crore against Rs 4,849 crore last year.
During the quarter domestic cement sales were up 11 per cent due to higher demand and additional volumes from Jaypee's cement units acquired last year.
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On stand-alone basis UltraTech posted a net profit of Rs 410 crore for second quarter, a growth of 55 per cent over the previous year. The result exceeded analysts' expectations as they were expected stand-alone net profit of around Rs 377 crore.
The stock opened at Rs 2,390 and touched a high of Rs 2,430 so far. Over 59,000 shares were traded on both the stock exchanges so far.
