UltraTech Cement rose 2.16% to Rs 4,233.80 at 15:13 IST on BSE on reports that a foreign brokerage has maintained buy rating on the stock for a target price of Rs 4,400.
Meanwhile, the S&P BSE Sensex was up 290.20 points or 0.98% at 29,946.04.
On the BSE, 30,000 shares were traded on the counter so far as against the average daily volumes of 25,253 shares in the past one quarter. The stock had hit a high of Rs 4,259.90 so far during the day, which is a record high. The stock hit a low of Rs 4,110.05 so far during the day.
The stock had hit a 52-week low of Rs 3,050 on 11 May 2016. It had outperformed the market over the past one month till 24 April 2017, advancing 4.34% compared with the Sensex's 0.8% rise. The scrip had also outperformed the market over the past one quarter, gaining 13.47% as against the Sensex's 8.33% rise.
The large-cap company has equity capital of Rs 274.51 crore. Face value per share is Rs 10.
Shares of UltraTech Cement had risen 4.42% to settle at Rs 4,144. 35 yesterday, 24 April 2017. The company's consolidated net profit declined 11.24% to Rs 726 crore on 2.59% growth in net sales to Rs 6922 crore in Q4 March 2017 over Q4 March 2016. The result was announced during market hours yesterday, 24 April 2017.
UltraTech said that work on setting up the 3.5 million tonnes per annum (MTPA) integrated cement plant at Dhar, Madhya Pradesh is on track. Commercial production is expected to commence from Q4 of FY 2019.
With this expansion and the acquisition of the cement plants of Jaiprakash Associates, the company's cement capacity will stand augmented to 95.4 MTPA, including its overseas operations.
UltraTech Cement is a leading cement manufacturer in India. It is a part of the Aditya Birla Group.
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