UltraTech Cement jumps 5%, hits new high on solid December quarter results

Shares of UltraTech Cement hit a record high of Rs 5,800, up 5 per cent, on the BSE in Monday's opening trade after the company's net profit more than doubled to Rs 1,584 crore in the quarter ended December 31, 2020 (Q3FY21) on the back of higher volume growth. The company had posted a profit of Rs 712 crore in the corresponding period of the previous year. The stock surpassed its previous high of Rs 5,695 touched on January 11, 2021.

Higher net profit during the quarter was largely driven by rural and semi-urban housing demand; pick-up in government-led infrastructure