UltraTech Cement fell 1.17% to Rs 3,991 at 14:20 IST on BSE after consolidated net profit rose 25.05% to Rs 614 crore on 2.53% decline in net sales to Rs 5709 crore in Q2 September 2016 over Q2 September 2015.The result was announced during trading hours today, 17 October 2016.
Meanwhile, the BSE Sensex was down 81.55 points, or 0.29%, to 27,592.05.
Ahead of Q2 results, the stock had gained 2.51% in three sessions to settle at Rs 4,038.40 on Friday, 14 October 2016, from a close of Rs 3,939.30 on 7 October 2016. High volumes were witnessed on the counter. On BSE, so far 49.399 shares were traded in the counter, compared with average daily volume of 13,325 shares in the past one quarter. The stock was volatile. At the day's high of Rs 4,069.55 so far during the day, the stock rose 0.77%. At the day's low of Rs 3,965 so far during the day, the stock fell 1.81%. The stock hit a record high of Rs 4,130 on 8 September 2016. The stock hit a 52-week low of Rs 2,581.15 on 18 January 2016. The stock had outperformed the market over the past one month till 14 October 2016, gaining 2.37% compared with Sensex's 2.46% fall. The scrip had also outperformed the market in past one quarter, gaining 15.37% as against Sensex's 0.96% decline.
The large-cap company has equity capital of Rs 274.45 crore. Face value per share is Rs 10.
UltraTech Cement in its outlook said that government's thrust on developing infrastructure spending, good monsoon, development of smart cities leading to growth in housing demand in tier-I and tier-II cities, and slower pace of new capacity addition augur well for the cement industry. The company is well positioned across the country to meet the expected rise in demand and participate in the next phase of growth in the country.
Separately, UltraTech Cement announced after market hours on Friday, 14 October 2016 that it is proposing to issue secured redeemable non-convertible debentures (NCDs) amounting to Rs 300 crore on private placement basis. The NCDs have tenure of 5 years and will be allotted on 18 October 2016. NCDs carry coupon of 7.15% per annum.
UltraTech Cement is a leading cement manufacturer in India. It is a part of the Aditya Birla Group.
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